August 24, 2008

Vietnam, Venezuela Ink Eight Cooperation Deals

Text of report in English by state-run Vietnamese news agency VNA website

Buenos Aires (VNA) -Vietnam and Venezuela signed eight agreements on economic, cultural, tourism, scientific, technological and communication cooperation after their first meeting of the Inter- governmental Commission in Caracas on August 22.

Under an agreement, Vietnam will build a factory to produce energy-saving lamps in Venezuela to meet the local demand and other markets in the Caribbean and Latin American regions.

Venezuelan President Hugo Chavez announced that the country's national petroleum group Petroleos de Venezuela S.A (PDVSA) will open its representative office in Hanoi to boost cooperation with the Vietnam National Oil and Gas Group (PetroVietnam).

President Hugo Chavez further said at the end of the meeting that PetroVietnam is identifying the size of Junin field in the Orinoco range, which is reportedly contain largest reserve of petroleum in the world.

The two countries plan to jointly build a plant in Vietnam to refine crude oil, which will be pumped up from Junin field by PDVSA and PetroVietnam. In addition, the two companies also plan to set up a sea transport joint venture, which will develop its own fleet to transport oil to the refinery.

Originally published by VNA news agency website, Hanoi, in English 23 Aug 08.

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