31 Oct, 2008
REUTERS
HANOI: The Vietnamese government said on Friday it had approved an investment fund to finance oil exploration projects at home and abroad by state oil monopoly Petrovietnam.
The government said in a directive it would use about 10 per cent of the royalty from crude oil sales to contribute to the oil exploration fund but did not disclose the value of the fund.
Petrovietnam would also contribute 10 per cent of its annual after-tax earnings to the fund, the directive said.
Petrovietnam has been searching for oil assets abroad including exploration projects in Russia, Algeria, Mongolia, Iran, Myanmar, Laos, Cambodia and Indonesia.
The government said in a directive it would use about 10 per cent of the royalty from crude oil sales to contribute to the oil exploration fund but did not disclose the value of the fund.
Petrovietnam would also contribute 10 per cent of its annual after-tax earnings to the fund, the directive said.
Petrovietnam has been searching for oil assets abroad including exploration projects in Russia, Algeria, Mongolia, Iran, Myanmar, Laos, Cambodia and Indonesia.
