Angola’s Sonangol to invest in Vietnam

The Angola Oil firm Sonangol E&P might soon start oil exploration and production in Vietnam territory, following the adoption of some accords signed by the Governments of Angola and Vietnam.

The information was released Wednesday in Luanda by the Angola oil minister, Botelho de Vasconcelos, who stressed that the intention could have been implemented some time earlier , which made impossible a process that started five years ago, with the signing of the concerned protocol.

“Since 2008 Angola and Vietnam have been cooperating in oil and gas projects. But as you know, things did not have enough course for the process to be implemented. As you know, situations of the kind that needs approval and ratification from both governments,” he stressed.

Botelho de Vasconcelos, who was speaking to journalists at the end of an audience he granted to the Vietnamese Foreign minister, Pham Binh Minh, explained that there has been some delay in the approval of the instruments, but now the bases have been created for take-off.

The minister added that despite the delay, conditions have been put in place for oil explorers from both countries to get the institutional support for identification of the various projects for implementation by both parties.

“As you know, these types of accords always have a cross direction. And what is intended for the two sides to do in Angola is that they can develop activities of exploration and production of oil and, under identical situation, the same occur in Vietnam. So there is in fact a balanced cooperation,” the minister stressed.

According to the Oil minister, there will be the identification of the various projects so that the much intended cooperation comes true.

The Vietnamese Foreign minister, Pham Binh Minh, said his country has all along wanted to promote cooperation with Angola, based on existing good relations between the two countries, with a focus on the oil sector.