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Chairman of the National Assembly of Vietnam Vuong Dinh Hue led a senior-level delegation in a meeting with top officials of the Essar group to discuss investment opportunities in the Southeast Asian country.
Ravi Ruia (Founder Essar Group) and Prashant Ruia ( Director, Essar Capital) along with an Essar delegation discussed the Essar group’s investments and potential collaboration and business opportunities in Vietnam.
Le Manh Hung, President and CEO of Petrovietnam, and other officials were part of the Vietnam delegation.
Essar Exploration and Production (EEPL) and Vietnam’s ENI have an investment in Block 114, located in the offshore area of Central Vietnam.
Significant oil and gas discoveries were announced in this block which is the largest hydrocarbon find in SE Asia spanning two decades, Essar Group said in a statement.
The block, which has approximately 2 billion barrels of oil and gas resources, has seen an investment of over US$ 300.
“Essar and ENI are committed to a fast track development of the Ken-Bau basin, whilst exploring for more hydrocarbons in Dan Day basin and other prospects,” the statement said.
Prashant Ruia said, “The bilateral trade between both the countries has been steadily growing over the past two decades. Essar is committed to developing Block 114, making it a significant resource for oil and gas in Vietnam’s economy.”
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