PetroVietnam continues oil exploitation

PetroVietnam has continued its oil exploitation activities as normal in the East Sea despite China's recent illegal tender offer for nine offshore oil blocks on the East Sea. PetroVietnam has continued its oil exploitation activities as normal in the East SeaPetroVietnam Chairman Phung Dinh Thuc confirmed it was business as usual at a press conference on July 9. He added that, PetroVietnam has continued co-operation with its partners for oil exploration and exploitation activities in Vietnam's exclusive economic zones and continental shelf. PetroVietnam has sent a letter to China National Offshore Oil Corporation (CNOOC) and contractors who are operating in Vietnam to reaffirm that the nine blocks belong to the Vietnamese continental shelf in line with the United Nations Convention on the Law of the Sea 1982. Thuc said that the Chinese side had done nothing except offer a tender invitation and PetroVietnam was currently working with partners from Russia, the US and India on exploration work, noting that PetroVietnam would also work with concerned agencies to deal with the problem. He disclosed that PetroVietnam had invested around VND5 trillion (USD238 million) in non-core areas. The group had submitted its restructuring plan for the 2012-2015 period to the Prime Minster for consideration. However, PetroVietnam is seeking government approval to maintain 20% of its capital in the Petrovietnam Finance Joint Stock Corporation (PVF) and an 18% stake in PetroVietnam Insurance Joint Stock Corporation (PVI). Thuc explained that PVF helped arrange capital for the group, while PVI helped the group with insurance during oil exploitation activities. He, however, said that if the government turned down the proposal, the group deinvest 100% of its non-core investments. Under the government's instruction, all state-owned corporations and groups will have to withdraw their non-core investments by 2015. Tourist Vietnam
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