The Japan Bank for International Cooperation (JBIC) has increased oil and gas exposure by signing a memorandum of understanding with Vietnam’s state-owned PetroVietnam.
The memorandum sets out to promote mutual cooperation between the two groups through financial support from JBIC for export-related deals, investments by Japanese firms into oil and gas production and its related industries and the exchange of information between the two groups.
JBIC comments in a statement: “JBIC, by strengthening ties with Vietnamese firms, will continue to foster closer economic relations between Japan and Vietnam, while supporting Japanese industries in their efforts to maintain and improve their international competitiveness and to develop and acquire interests in resources strategically important to Japan.”
The memorandum comes at a time when PetroVietnam, the trading name of the Vietnam Oil and Gas Group, is expected to undertake a number of major projects, including US$180mn fertiliser plant in Ca Mau.
Last Updated June 28, 2010
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