Reliance Industries vying for oil and gas exploration in Vietnam
Reliance Industries is likely to be the third Indian private major after Tata Steel and Essar Steel to invest in Vietnam. The company (RIL) is vying to invest in oil and gas exploration in the Vietnam following the two other majors that have invested in steel sector in the country.
"Reliance Industries is keenly exploring possibility in oil and gas exploration," Vu Quang Diem, Ambassdor of Vietnam to India told FE during an interface to explore potential for bilateral investment at Chandigarh-based ITFT finishing school. "So far Reliance Industries has not tied up with other entity in Vietnam for exploration," Diem said.
Diem said that rich iron ore deposits in Vietnam have already lured major steel companies from India to invest in steel sector. He said that Indian steel major Tata Steel is investing in a $345 million joint venture project with Vietnam Steel Corporation for steel complex in the country. "Essar Steel in a joint venture with Vietnam Steel Corporation (VSC) is investing $527 million in a steel manufacturing plant," he added.
"Around 70 Indian companies have already invested in Vietnam that is witnessing high GDP growth and many more are in the pipeline," Diem said while deliberating on the bilateral trade between the countries. He said that around 20 companies from Vietnam are seeking high-potential areas like agriculture, food processing, electronics and fertilizers for imports to India. "In food processing Vietnam can offer a lot in tea coffee and species to India," he said.
He revealed that Vietnam companies are eying northeastern states and Calcutta in India. "Vietnam would welcome Indian companies to invest," he said.
Indian Express - November 17, 2007.
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