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Submitted by ctv_en_6 on Sat, 08/07/2010 - 10:14
PetroVietnam Group plans to purchase BP’s stake in offshore exploitation projects being sold by the British oil giant, said PetroVietnam chairman Dinh La Thang.

The group is mapping out its plans and will submit them to the Government for approval. PetroVietnam and India’s Oil and Natural Gas Corporation Ltd (ONGC) are currently partners of BP’s offshore exploitation projects in the country.

Under the agreement, if one of the partners in the joint venture withdraws capital from a project, it has to offer its stake to the remaining partners first. PetroVietnam has plans to co-ordinate with other partners, including ONGC, to purchase the stake.

“PetroVietnam will submit its plans to the Government, we can only acquire the stake if the Government gives it the nod,” Mr. Thang said.

If the plan is approved, commercial banks are ready to provide loans for the purchase, he added.

VNS/VOVNews

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