State-run PetroVietnam wants closer cooperation with oil-rich Saudi Arabia in exploration and refinery development. PetroVietnam director general Tran Ngoc Canh stated: We hope to get the opportunity to take part in exploring and exploiting oil and gas in Saudi Arabia, especially with the establishment of a joint venture with Saudi Aramco. For full story, click [...]
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
The PetroVietnam Oil Corporation (PV Oil) signed a $3 bn contract with the Dung Quat Oil Refinery factory to supply crude oil and materials for distribution when the factory opens in 2009. For full story, click here
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