Promote Vietnam – Kuwait cooperation on oil and gas

09:06 | 24/05/2016 Industry

At the invitation of Prime Minister Nguyen Xuan Phuc, on 6th May 2016, Kuwait’s Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabad officially visits our country from 6th to 7th May 2016. The purpose of visit is to promote cooperation between the two countries in various sectors.

Promote Vietnam – Kuwait cooperation on oil and gas

The cooperation agreement signing ceremony between Petrovietnam and KPI

After the official welcoming ceremony, Prime Minister Nguyen Xuan Phuc held talks with Kuwait’s Prime Minister Al-Sabad. Prime Minister Nguyen Xuan Phuc was delighted and appreciated Prime Minister Al-Sabad for his vital contribution in turning the relations between the two countries into strategic partnership for the peace and prosperity in Asia and making it developed intensively and rapidly as current time.

Prime Minister Al-Sabad sincerely thanked Prime Minister Nguyen Xuan Phuc and Vietnamese people for welcoming Kuwait’s delegation. He affirmed that Kuwait always places importance on and hope to increasingly develop strategic partnership with Vietnam for the peace and prosperity in Asia.

In the atmosphere of friendship, trust and mutual understanding, the two prime ministers exchanged views on major directions and measures to bring the cooperation between the two countries to higher level. Both sides agreed to continue promoting visits and meetings between the two countries’ senior leaders; strengthening cooperation among the ministries; promoting cooperation in various sectors, i.e. culture, economy, commerce, oil and gas...

PM Nguyen Xuan Phuc and Kuwait’s Prime Minister Al-Sabad taken photograph with Petrovietnam leaders

The commercial and investment cooperation between Vietnam and Kuwait has developed positively. The two sides have signed several cooperation agreements, created legal framework to promote investment: The Government of Kuwait has recognized the market economy of Vietnam. Turnover of bilateral trade between Vietnam and Kuwait in 2015 was about US$ 220 million. Major export items of Vietnam include textile products, seafood, wood and wood products, computers, electronic products, vegetables, pepper, footwear, ceramics ... Import items mainly from Kuwait include urea, plastic materials, fabrics, chemical products and textile raw materials...

The official visit to Vietnam of Kuwait’s Prime Minister aims to confirm the determination of the two countries’ leaders and peoples to strengthen friendship; promote cooperation in all sectors, especially commerce, oil and gas, labor, agriculture, tourism ...; bring Vietnam - Kuwait relations to a new height, meet the aspiration of the two countries’ people and contribute to the peace, stability and prosperity of the region and the world.

On this occasion, the two countries signed several cooperation agreements, including the Agreement for further cooperation within the framework of Nghi Son Refinery and Petrochemical Complex Project signed between Petrovietnam and Kuwait Petroleum International Ltd. (KPI), member unit of Kuwait Petroleum Corporation (KPC). This is a key petroleum project at the economic zone of Nghi Son (Thanh Hoa). It is expected that the Complex will be completed in the fourth quarter of 2016 and put into commercial operation in the third quarter of 2017, meeting about 40% of domestic gasoline demand.

The signing of Agreement in the oil and gas sector not only helps develop Petrovietnam – KPI relations but also means the political, economic cooperation between Vietnam and Kuwait with the main purpose of promoting cooperation in the energy, oil and gas sector./.


Source: MoIT/PetroVietnam