New Delhi: Mumbai-based Essar has been together with Eni from Italy pumping $ 300 million to the offshore block of Vietnam, the largest discovery in Southeast Asia in two decades, because the Indian group promoted by the Ruia family looks expanding its business partnership in that country.
In this investment background, promoter Essar Ravi Ruia and Prashant Ruia discusses further investment opportunities and collaboration fields with Vietnam’s top leadership, the company said on Sunday.
Essar Exploration and Production Ltd.
is partnering Eni in Block 114, which is estimated to have two billion barrels of oil and gas resources.
“After investing more than $ 300 million in Block 114, Essar and Eni are committed to the development of the fast track of Ken-smell Basin while exploring more hydrocarbons in basin Day and other prospects.
Block 114 development is the most important for Vietnam’s energy interests,” Essar said.
The statement said the Essar delegation, led by the promoters met with the Chairman of the Vietnamese National Assembly Vuong Dinh Hue, Deputy Prime Minister, who was also President and CEO of Petrovietnam), Le Manth Hung beside senior officials.
The statement quoted Hue said, “Vietnam supports and will create the condition of Indian companies to continue their long-term presence and expand operations related to the exploration and exploitation of oil and gas on the continental shelf”.
The statement quoted Capital Director Essar Prashant Ruia said, “We are very excited about our business partnerships with Vietnam.
Bilateral trade between the two countries continues to grow over the past two decades.
Essar is committed to the development of block 114, making it significant resources for oil and gas in The Vietnamese economy.
We believe that this block will provide a strong boost for Vietnam to become independent in its future energy needs “.