Vietnam, Kazakhstan Cooperate On Petroleum
Hanoi – Vietnam Oil and Gas Group (PVN) and Kazakhstan’s Kusto Group on Monday finalized an agreement seeking cooperation opportunities in petroleum exploitation besides establishment of a number of business relationships between the two countries.
Both sides signed a memorandum of understanding (MOU) at the Vietnam- Kazakhstan business forum held during the official visit of Kazakhstan President Nursultan Nazarbayev in Vietnam from October 30 to November 1.
This is the second time PVN has cut a deal with an enterprise from Kazakhstan. The first was a strategy cooperation signed between PVN and Kazakhstan national petroleum company in 2009.
On the occasion, two domestic joint ventures Astana Thai Son and Strata Thai Son also reached agreements with Kazakhstan firms on trading agro-fishery products between the two nations.
The Vietnam Chamber of Commerce and Industry (VCCI) and Kazakhstan commercial department also set up the Vietnam-Kazakhstan business council.
Accompanying Nazarbayev are 40 firms operating in the fields of petroleum, mining, industry and aquatic product processing sectors.
In fact, economic cooperation between Vietnam and Kazakhstan has achieved pretty modest results, according to VCCI. Kazakhstan has yet to invest in any project in Vietnam and two-way trade between the two countries only reached US$26.3 million in January-August compared to a total of US$44 million last year.