HCM CITY (Biz Hub) — Oil and gas company Total Viet Nam has planned to increase its investment capital by VND300 billion (US$13.4 million) in Ho Chi Minh City.

The information was released at a meeting between the Deputy Chairman of the municipal People's Committee Tat Thanh Cang and the General Director of Total Viet Nam Arnaud Guichard on October 20.

The raising capital is a part of a transformation licence to become a 100 per cent foreign capital company of Total Viet Nam, a plan submitted in July 2015.

Arnaud Guichard hoped that his company would receive more support from the city's leaders to complete investment permission in Viet Nam.

Cang said the city would create best conditions for Total Viet Nam to finish the legal documents for its transformation licence.

Currently, Total Viet Nam's oil manufacturer in District 7, Ho Chi Minh City, has a filling productivity of 2 million gas barrels per day. The company is carrying out procedures for extension of the right to use the land for long term investment and production purposes. — VNS