Business
Vietnam targets greater oil cooperation with Kuwait
The US$9-billion Nghi Son Oil Refinery project is a symbol of successful cooperation between Vietnam, Kuwait and Japan.
Vietnam targets greater cooperation with Kuwait in oil production and other sectors, Prime Minister Nguyen Xuan Phuc has stated.
Vietnam and Kuwait maintain long-standing relations which have been growing strongly recently, particularly in trade and investment, Phuc said at a meeting with Kuwaiti Minister of Oil and Electricity and Water Khaled Ali Al Fadhel on September 3.
Bilateral trade in 2018 reached nearly US$2.7 billion, including Vietnam’s exports of US$77 million and crude oil imports of US$2.6 billion, Phuc stated, expecting Vietnam to increase exports to the Kuwaiti market in the coming time.
Phuc expressed delight that the Nghi Son Oil Refinery project owned by investors from Japan, Kuwait and Vietnam has been put into operation since last November with crude oil imported from Kuwait.
According to Phuc, the project is significant to Vietnam as it meets nearly 40% of the demand for petroleum products in the domestic market.
In this context, Vietnam is committed to creating favorable conditions for the project in compliance with local laws, Phuc stated.
Kuwaiti Minister Fadhel expected the cooperation between the two countries to improve, and took this opportunity to thank the Vietnamese government for its support for the Nghi Son project.
Fadhel said Kuwaiti investors along with those from Vietnam and Japan are putting efforts for the project to be completed as scheduled.
The Asian market, including Vietnam, is a priority for Kuwait, stated Fadhel, and the Nghi Son project is a successful symbol in investment and cooperation with Asian nations, he stated.
Prime Minister Nguyen Xuan Phuc (r) and Kuwaiti Minister of Oil and Electricity and Water Khaled Ali Al Fadhel (l). Source: VGP.
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Bilateral trade in 2018 reached nearly US$2.7 billion, including Vietnam’s exports of US$77 million and crude oil imports of US$2.6 billion, Phuc stated, expecting Vietnam to increase exports to the Kuwaiti market in the coming time.
Phuc expressed delight that the Nghi Son Oil Refinery project owned by investors from Japan, Kuwait and Vietnam has been put into operation since last November with crude oil imported from Kuwait.
According to Phuc, the project is significant to Vietnam as it meets nearly 40% of the demand for petroleum products in the domestic market.
In this context, Vietnam is committed to creating favorable conditions for the project in compliance with local laws, Phuc stated.
Kuwaiti Minister Fadhel expected the cooperation between the two countries to improve, and took this opportunity to thank the Vietnamese government for its support for the Nghi Son project.
Fadhel said Kuwaiti investors along with those from Vietnam and Japan are putting efforts for the project to be completed as scheduled.
The Asian market, including Vietnam, is a priority for Kuwait, stated Fadhel, and the Nghi Son project is a successful symbol in investment and cooperation with Asian nations, he stated.
