Essar aims to go beyond $ 300 million business in Vietnam

NEW DELHI: Mumbai-based Essar, together with ENI from Italy, has pumped $ 300 million into Vietnam’s offshore block 114, Southeast Asia’s biggest discovery in two decades as the Indian group, sponsored by the Ruia family, seeks its business partnerships in this Area to expand land.
Against the background of this investment, Essar promoters Ravi Ruia and Prashant Ruia discussed further investment opportunities and areas of cooperation with the top management of Vietnam, the company announced on Sunday.
Essar Exploration and Production Ltd is a partner of ENI on Block 114, which has an estimated two billion barrels of oil and gas resources. “After investing over $ 300 million in Block 114, Essar and ENI are committed to accelerated development of the Ken Bau Basin while searching for additional hydrocarbons in the Dan Day Basin and other prospecting. The development of Block 114 is of paramount importance to Vietnam’s energy interests, ”said Essar.
The statement said the Essar delegation, led by the promoters, met with senior officials in Le Manh Hung with the Chairman of the Vietnamese National Assembly, Vuong Dinh Hue, the deputy prime minister who is also President and CEO of PetroVietnam.
The statement quoted Hue as saying, “Vietnam supports and will create the conditions for Indian companies to continue their long-term presence and expand oil and gas exploration and exploitation activities on its continental shelf.”
In the statement, the director of Essar Capital, Prashant Ruia, was quoted as saying, “We are very excited about our business partnerships with Vietnam. Bilateral trade between the two countries has grown steadily over the past two decades. Essar is committed to the development of Block 114, making it a significant oil and gas resource in the Vietnamese economy. We are confident that this block will give Vietnam a strong impetus to make its energy needs self-sufficient in the future. ”