Eni Signs MOU with PetroVietnam on Business Development in Vietnam

MILAN - Energy company Eni SpA said Monday it signed an agreement with Vietnamese national oil company PetroVietnam to develop business opportunities in Vietnam and abroad.

Eni added that under the agreement it will allow PetroVietnam to acquire shares in international areas and blocks where it owns the rights to exploration and development.

In a statement, the Italian company said the agreement was signed by Eni Chief Executive Paolo Scaroni and PetroVietnam President and Chief Executive Do Van Hau in Rome, after a meeting between Italian Prime Minister, Mario Monti, and the General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong.

Eni has been present in Vietnam since June 2012 through a 50% participation and the operatorship of three exploration blocks located in the Hong Son basin in the Gulf of Tonkin that is estimated to contain 10% of the hydrocarbon resources of Vietnam.

Copyright (c) 2012 Dow Jones & Company, Inc.

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