UAE firms encouraged to expand investment in Vietnam

UAE firms encouraged to expand investment in Vietnam

The Vietnamese Government will create favourable conditions for Mubadala Petroleum and other enterprises of the United Arab Emirates (UAE) to invest and expand business in Vietnam, said Deputy Prime Minister Trinh Dinh Dung.

Dung made the pledge at a reception in Hanoi on October 17 for Naser Al Hajri, Mubadala Petroleum’s Senior Vice President for Operations in Southeast Asia, during which he applauded the company’s achievements as well as its future investment initiatives in Vietnam.

The Deputy PM suggested Mubadala Petroleum expand its investment in other oil and gas blocks, and other areas such as renewable energy by launching new projects or cooperating with domestic and foreign firms in Vietnam.

Highlighting the fruitful relationship between Vietnam and the UAE, Dung said the two countries have become each other’s important partner based on the pillars of economic, trade and investment cooperation.

The UAE has been a big trade partner of Vietnam and run many investment projects in the country, he said, adding that many Vietnamese living and working in the UAE have significantly contributed to socio-economic development in the host country.

For his part, Naser Al Hajri expressed his hope for stronger cooperation between Mubadala Petroleum and domestic and foreign partners inVietnam to expand investment in oil and gas exploitation.

Mubadala Petroleum wants to realise the initiative on the development of large-scale oil and gas clusters, and increase its investment in other spheres like renewable energy.

Mubadala Petroleum is a leading international, upstream oil and gas exploration and production company. The company manages assets worth up to 40 billion USD and operations spanning 10 countries with a primary geographic focus on the Middle East and Southeast Asia.

It’s total output reached 320,000 equivalent oil barrels in 2016. It has participated in a number of major projects including the world-class Dolphin Gas project, which is central to meeting the energy needs of the UAE; enhanced oil recovery in Oman and most recently in the giant Zohr gas project in Egpyt; plus exploration, development and production activities in Thailand, Indonesia, Malaysia and Vietnam.

Mubadala Petroleum has been active in Vietnam since 2007 and has non-operated interests in offshore, Block 07/03 containing the Ca Rong Do (CRD or Red Emperor) oil and gas field development and the adjacent exploration Blocks 135 & 136/3.

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