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City's AnnouncementMonday, 11/12/2007, 11:07

HCM City to create favorable conditions for PetroVietnam’s projects

HCM City will create favorable conditions for the national oil and gas group PetroVietnam and its subsidiaries to carry out investment projects in the city, the municipal People’s Committee said in a document
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HCM City to create favorable conditions for PetroVietnam�s projects

 

HCM City will create favorable conditions for the national oil and gas group PetroVietnam and its subsidiaries to carry out investment projects in the city, the municipal People�s Committee said in a document.

 

PetroVietnam and its member companies have invested or will invest in numerous projects in HCM City. They include the Oil and Gas Science and Technology Center in District 2 by the Oil, Gas and Electricity Corporation, the office building project on Thanh Da Peninsula in Binh Thanh District by Petrosetco Co., two resettlement areas in District 2 and a 1,000-ha new urban town worth US$2 billion in the 6,000-ha Northwest New Urban Town in Cu Chi and Hoc Mon districts.

 

Other projects include an LPG production and distribution facility jointly developed by the Saigon Automotive Mechanical Engineering Corporation (Samco) and Oil and Gas Transport Service Co. (Cofaco), a gas pipeline from HCM City�s Hiep Phuoc to Dong Nai Province�s Nhon Trach, and an oil spill rescue center.

 

Besides these projects, HCM City wants PetroVietnam to invest in projects of building elevated roads, metro and monorail systems and outer beltways, developing industries using oil and gas products for consumption and production purposes, and building houses for the city�s housing development program.

 

Late last year, HCM City and PetroVietnam signed an agreement to strengthen their bilateral cooperation and investment relationship in many fields.

 

(HCM City, November 12, 2007)


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