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Vietnam facilitates operations of Indian oil and gas firms: Top legislator

Vietnam creates optimal conditions for Indian companies to continue their long-term operations and expand investment in energy and oil and gas exploration and production in the country’s continental shelf and exclusive economic zone, Vietnamese National Assembly Chairman Vuong Dinh Hue affirmed on December 17.
Vietnam facilitates operations of Indian oil and gas firms: Top legislator ảnh 1Vietnamese National Assembly Chairman Vuong Dinh Hue (left) hosts a reception in New Delhi for AK Gupta, Managing Director & CEO of ONGC Videsh. (Photo: VNA)
New Delhi (VNA) - Vietnam creates optimalconditions for Indian companies to continue their long-term operations and expandinvestment in energy and oil and gas exploration and production in the country’scontinental shelf and exclusive economic zone, Vietnamese National AssemblyChairman Vuong Dinh Hue affirmed on December 17.

At a reception in New Delhi for AK Gupta, ManagingDirector & CEO of ONGC Videsh, an international petroleum company of Indiaand an overseas arm of Oil and Natural GasCorporation (ONGC), Hue highlighted the traditional friendship andcomprehensive strategic partnership between Vietnam and India in different spheres,from politics, diplomacy and national defence and security, to economy, trade,investment, education-training, culture, tourism and people-to-people exchange.

Collaboration in energy and oil and gas explorationand exploitation is a key sector in the bilateral economic, trade andinvestment ties, he said, lauding the initial presence and successes of thecorporation in Vietnam.

The top legislator expressed his hope that apart fromoil and gas, Indian investments will be pumped into new fields, to bring two-way trade to 15 billion USD in the time ahead.

Vietnam commits to protecting interests of investors inline with legal regulations, he said, informing Gupta that the Vietnamese legislaturewill consider amending and supplementing the Oil and Gas Law to create a morefavourable legal environment for the development of the industry.

For his part, Gupta said his corporation hasmaintained close cooperation with Vietnam Oil and Gas Group (PetroVietnam), andthanked Vietnam for its support to ONGC.

He also raised several petitions and noted his wish to continue long-term investment and business activities in Vietnam./.
VNA
#India #continental shelf #exclusive economic zone #National Assembly Chairman Vuong Dinh Hue #Oil and Natural Gas Corporation #PetroVietnam #VietnnamPlus #Vietnam news India
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