Vietnam and Korea to boost cooperation in energy and mineral resources

Apr 18, 2005 02:00 AM

Vietnam and the Republic of Korea (RoK) will accelerate their trade and transfer of technology in the energy and mineral resources industries.
This agreement was reached by Vietnamese and RoK experts at the third session of the Joint Committee for Energy and Mineral Resources Cooperation in Ha Noi on April 18.

According to reports presented at the meeting, Vietnam has proven coal reserves of 3.88 bn tons, with potential reserves estimated at 37 bn tons; its oil reserves are estimated at 2.3 bn tons, with 615-957 mm tons being proven; and its gas reserves, 1,300 bn cm, with 600 bn cm being proven.
Meanwhile, the RoK has experiences in and the advanced technology for the energy and nuclear power industries. Hence, the two countries should boost their cooperation to match their potentials.

Park Il Jun, Director of the Energy and Resources Development Division of the RoK Ministry of Commerce, Industry and Energy, praised the economic development of Vietnam.
He said: "This is the second time I have come to Vietnam... I see that Vietnam is a dynamic country with great potential for economic development. In the time to come, Vietnam will be a highly developed country, not only in Southeast Asia but in all of Asia."

According to Park, many RoK businesses, especially industrial ones, are operating effectively in Vietnam. He said Vietnam's investment policies and mechanisms are being improved to meet their demands.
Park highly evaluated the potential for bilateral cooperation in the energy and mineral resources industries. He said the two countries have cooperation projects in oil and gas, coal and power, and their cooperation will be expanded to other fields.

In the oil and gas industry, there are some cooperation projects between the Korean National Oil Corporation (KNOC) and the Vietnam Oil and Gas Corporation (PetroVietnam).
In the coming visit to Vietnam by the RoK Prime Minister, some gas contracts are expected to be signed. The two countries will also discuss cooperation in some other industrial fields.

Source: Vietnam News Agency
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