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Kazakhstan to cooperate with Vietnam in oil industry

16 january 2014, 11:23
0
Photo © RIA Novosty
Photo © RIA Novosty
Kazakhstan will cooperate with Vietnam in oil and gas, Tengrinews reports citing the Minister of Economy and Budget Planning of Kazakhstan Yerbolat Dosayev.

Minister Dosayev presented a report on the draft Agreement between the Kazakhstan and Vietnam on promotion and mutual protection of investments to the Majilis (the Lower Chamber of the Kazakhstan Parliament).

“Cooperation of KazMunaiGaz and Vietnam’s PetroVietnam oil and gas group are beneficial for mutual investments,” Dosayev said.

PetroVietnam is Vietnam’s largest and fully government owned oil producer. It has oil exploration projects in Indonesia, Mongolia and Algeria and is producing oil in Iraq and Malaysia.

The Majilis has approved the draft bill that is aimed to enhance the investment climate and promote further development of trade and economic cooperation between the countries.

The agreement between the two countries contains provisions regulating expropriation, nationalization, compensation to investors and settlement of disputes. The document also specified international arbitration procedures to help settle possible future disputes between the countries.

“Kazakhstan exports asbestos, iron and different kinds of transport equipment to Vietnam. While Vietnam exports tea, medicine, food processing equipment, computers and computer components to Kazakhstan,” the Minister said. The trade turnover between Kazakhstan and Vietnam made $221.8 million in January-November 2013. Kazakhstan exported $1.4 million worth of goods and imported $220.4 million worth of goods.


By Altynai Zhumzhumina

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