The Essar group steps up its investments in Vietnam
New Delhi, December 19 (UNI) Building on growing bilateral trade relations between India and Vietnam, the Essar group, controlled by Ruias, said on Sunday it was determined to develop the Block 114 exploration well in that country from Southeast Asia.
“Having invested over $ 300 million in Block 114, Essar and ENI are committed to accelerating the development of the Ken-Bau Basin, while exploring more hydrocarbons in the Dan Day Basin and other prospects.” , the company said in a statement.
Vietnamese National Assembly Speaker Vuong Dinh Hue praised Essar’s investment in the country and called for further scaling up.
The business group said Vuong Dinh Hue, Deputy Prime Minister of Vietnam, Dr Le Manh Hung (Chairman and CEO of Petrovietnam) and members of their high-level delegation from Vietnam met Ravi Ruia and Prashant Ruia to discuss Essar group investments and potential collaboration and business opportunities in Vietnam.
Essar Exploration and Production Ltd (EEPL) and Italian oil and gas company ENI have a significant investment in Block 114, located in the offshore area of central Vietnam, and holding 2 billion barrels of oil and gas resources.
“Essar has engaged in the development of Block 114, which makes it an important resource for oil and gas in the Vietnamese economy. We are convinced that this bloc will give Vietnam a strong impetus to become self-sufficient in its energy needs in the future, ”said Prashant Ruia, Director, Essar Capital.
India’s economic relationship with Vietnam has been strong and has enormous potential for growth. According to official data, India’s investments in Vietnam are estimated at around US $ 1.9 billion, including investments channeled through third countries.
As of April 2021, India had 299 valid projects with a total invested capital of US $ 909.5 million, ranking 26th among countries and territories investing in Vietnam. The main Indian investment sectors are energy, mineral exploration, agribusiness, sugar, tea, coffee, agrochemicals, IT and automotive components.
“We are extremely excited about our business partnerships with Vietnam. Bilateral trade between the two countries has grown steadily over the past two decades, ”said Prashant Ruia.
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