SOCO aims to expand investment in Vietnam

Hanoi (VNA) – London-based SOCO International Plc hopes to expand its investment, exploration and exploitation, and improve the output of oil and gas in Vietnam, SOCO President and CEO Ed Story said on August 28.

At a meeting with Deputy Prime Minister Trinh Dinh Dung in Hanoi, Ed said the group has invested more than 1 billion USD in the oil and gas sector in Vietnam over the past 19 years.

With the capital, the SOCO has become the biggest British investor in the Southeast Asian nation, he said, adding that the group has contributed 3.3 billion USD to the host country’s budget, employed more than 1,000 locals and provided 2.5 million USD for local social welfare activities.

For his part, Deputy PM Dung spoke highly of SOCO’s oil and gas exploration and exploitation in Vietnam’s continental shelf over the past time, as well as its contributions to the country’s budget, job creation and social welfare activities.

The Vietnamese Government always creates favourable conditions for businesses, including SOCO, to invest in the oil and gas sector, contributing to raising oil and gas output and operation efficiency in the country, he stressed.-VNA