Vajpayee signs gas deal on visit to Hanoi

Vol 4, PW 24 (17 Jan 01) News in Brief

Indian PM Atal Behari Vajpayee has signed a MoU with Vietnam, paving the way for an initial $238m Indian investment in an offshore gas project.

Vajpayee was in Hanoi on 9th January on the first leg of a south-east Asian tour that included Indonesia. He will visit Malaysia next month.

In Vietnam, ONGC has a 45% stake in Block 06.1 - a gas concession containing the prolific Lan Tay and Lan Do fields in the Nam Con Son basin. Operator BP Amoco has a 26.67% stake, Statoil of Norway has 13.33% and PetroVietnam has 15% in the $2.1bn project, which should see first gas to market by 2002.