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"Petrovietnam" plans to invest in oil and gas production in Dagestan

22 June 2015 22:16 Posted in:  BUSINESS
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Makhachkala, June 23, 2015. Vietnamese company "Petrovietnam" confirmed its intention to become a shareholder "of the State oil company of the Republic of Dagestan" and to invest $ 150-300 million in additional exploration and production of oil and gas in the republic. This was stated by the Head of Dagestan Ramazan Abdulatipov at the International Economic Forum in St. Petersburg.

"For the time being these intentions remain the same. At the forum, I met with the Vietnamese, they confirmed their plans, and we need to move to action as quickly as possible. In general, we trust the Vietnamese company. It is important that they are treated us with the same confidence"- Abdulatipov confessed.  

As part of the investment project we are negotiating about the development of several areas of the Caspian Sea, adjacent to Dagestan, "Izberbash block 2" and "Sulak block 4". Besides, the republic is going to invite investors to participate in other projects, particularly in the construction of a terminal together with "Dagnefteprodukt" JSC.


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