The process of creation of a joint-venture in the oil sector between Angola and Vietnam will be completed soon, as part of the bilateral cooperation deal signed in 2008.

The Vietnamese Foreign Affairs miniseter, Pham Binh Minh, was speaking to Angop at Luanda’s “4 de Fevereiro” International Airport while assessing the result of his two-day visit to Angola. The Vietnamese top diplomat said that the issue was discussed at the meeting with Angolan Oil minister, Botelho de Vasconcelos.

According to the visiting minister, under the protocol, the parties decided to set up a Joint-venture in the oil sector with a view to the exploration of crude in Angola and Vietnam. The cooperation protocol between Angola and Vietnam in the sector was signed in 2008, and ratified by the governments of both countries in 2009 and 2011, respectively.

The official also stressed that it is exactly through this protocol that the parties will seek to implement what has been agreed upon at the time, including the creation of a joint-venture in the oil sector.

To this end, he announced that Petro-Vietnam and Sonangol (Angola) are holding contacts in this field in order to bring into practice what had been agreed upon in the cooperation protocol.

Sonangol EP may develop in future its activities of exploration and production of oil in Vietnamese territory, following the approval of cooperative agreements binding the two countries.