- Region: Asia
- Energy and Natural Resources
June 22, 2010
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed today a memorandum of understanding (MOU) for strengthening mutual ties with Vietnam Oil and Gas Group (PETROVIETNAM). The signing took place on the occasion of the Vietnam Investment Conference held in Tokyo.
- The MOU sets forth the promotion of mutual cooperation, through an exchange of relevant information and opinions, in areas such as financial support by JBIC related to exports or investments by Japanese firms in the fields of oil and gas production, oil refining, petrochemicals, power generation and other infrastructure development (the “Related Industries”) in which PETROVIETNAM is involved.
- PETROVIETNAM is a wholly state-owned company, playing a leading role in developing the Related Industries based on governmental policies of Vietnam. Facing the need to develop the Related Industries for the future growth in Vietnam, PETROVIETNAM is expected to undertake a number of major projects. In this regard, by signing the MOU, JBIC is prepared to provide financial support for Japanese firms' trade and investment participation in these projects.
- JBIC, by strengthening mutual 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.