Hanoi (VNA) – The VietnameseGovernment will create favourable conditions for Mubadala Petroleum and otherenterprises of the United Arab Emirates (UAE) to invest and expand business inVietnam, said Deputy Prime Minister Trinh Dinh Dung.

Dung made the pledge at a reception in Hanoi on October 17 for Naser Al Hajri, Mubadala Petroleum’s Senior Vice President for Operations in SoutheastAsia, during which he applauded the company’s achievements as well as its futureinvestment initiatives in Vietnam.

The Deputy PM suggested MubadalaPetroleum expand its investment in other oil and gas blocks, and other areassuch as renewable energy by launching new projects or cooperating with domesticand foreign firms in Vietnam.

Highlighting the fruitful relationshipbetween Vietnam and the UAE, Dung said the two countries have become eachother’s important partner based on the pillars of economic, trade andinvestment cooperation.

The UAE has been a big trade partner of Vietnam and runmany investment projects in the country, he said, adding that many Vietnameseliving and working in the UAE have significantly contributed to socio-economicdevelopment in the host country.

For his part, Naser Al Hajri expressed his hope for stronger cooperation between MubadalaPetroleum and domestic and foreign partnersinVietnam to expand investment in oil and gas exploitation.

Mubadala Petroleum wants to realise theinitiative on the development of large-scale oil and gas clusters, and increaseits investment in other spheres like renewable energy.

Mubadala Petroleumis a leading international, upstream oil and gas exploration and productioncompany.  The company manages assets worth up to 40 billion USD andoperations spanning 10 countries with a primary geographic focus on theMiddle East and Southeast Asia. 

It’s total outputreached 320,000 equivalent oil barrels in 2016. It has participated in a numberof major projects including the world-class Dolphin Gas project, which iscentral to meeting the energy needs of the UAE; enhanced oil recovery in Omanand most recently in the giant Zohr gas project in Egpyt; plus exploration,development and production activities in Thailand, Indonesia, Malaysia andVietnam.

Mubadala Petroleumhas been active in Vietnam since 2007 and has non-operated interests inoffshore, Block 07/03 containing the Ca Rong Do (CRD or Red Emperor) oil andgas field development and the adjacent exploration Blocks 135 & 136/3.-VNA