Russia Biz Put $531 Million in Oil Projects offshore Vietnam

Minh Tam

09:35 14/11/2015

BizLIVE - Russian businesses have invested in six oil and gas projects with a combined capital of $531.2 million offshore Vietnam, making the industry the second most attractive to Russian investment.

Russia Biz Put $531 Million in Oil Projects offshore Vietnam

An oil rig offshore Vietnam. (Photo: nangluongvietnam.vn)

Russian investors have invested in 113 projects worth a combined $1.96 billion in Vietnam as of October 20, making Russia the 17th-largest among 105 countries and territories investing in Vietnam.
The manufacturing and processing sector has attracted the largest amount of direct investment from Russia, with $1.13 billion, according to the Ministry of Planning and Investment’s Foreign Investment Agency.
The mining industry ranked second with $578 million, followed by the real estate sector with $72.7 million.
In terms of localities, a Russian investor Tokarev Genadii Invanovic put $1 billion in a bus assembly and spare parts manufacturing plant in the central province of Binh Dinh.
Russian firms have invested in six oil and gas projects worth $531.2 billion offshore Vietnam. Among major projects, they struck a deal in October 2008 to explore fossil fuels in four blocks No. 129, 130, 131 and 132.
In addition, Soges Corporation rolled out a $50-million project to survey continental shelf, build drilling platforms and to provide wharf service in the southern province of Ba Ria-Vung Tau.

MINH TAM

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