SOCO aims to expand investment in Viet Nam

Thursday, Aug 29, 2019 14:50

Deputy PM Trinh Dinh Dung (second, right) and Soco International Plc CEO Ed Story (middle) meet on August 28. — VNA/VNS Photo Van Diep

London-based SOCO International Plc hopes to expand its investment, exploration and exploitation, and improve the output of oil and gas in Viet Nam, SOCO President and CEO Ed Story said on Wednesday.

At a meeting with Deputy Prime Minister Trinh Dinh Dung in Ha Noi, Story said the group has invested more than US$1 billion in the oil and gas sector in Viet Nam over the past 19 years.

With the capital, the SOCO has become the biggest British investor in the Southeast Asian nation, he said, adding that the group has contributed $3.3 billion to the host country’s budget, employed more than 1,000 locals and provided $2.5 million for local social welfare activities.

For his part, Deputy PM Dung spoke highly of SOCO’s oil and gas exploration and exploitation in Viet Nam’s continental shelf, as well as its contributions to the country’s budget, job creation and social welfare activities.

The Vietnamese Government always creates favourable conditions for businesses, including SOCO, to invest in the oil and gas sector, contributing to raising oil and gas output and operation efficiency in the country, he said. — VNS

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