Three PetroVietnam subsidiaries on June 14 signed a collaboration agreement on risk management, insurance and financial services for a five-year period.
PetroVietnam Insurance (PVI) would provide insurance services to PV Exploitation and Production (PVEP) projects, as well as insurance and finance training courses for staff at the partner company.
Under the agreement, PVI and PVFC (PetroVietnam Finance Corporation) would also join in PVEP’s investment activities, as well as insurance activities for projects.
PVEP’s general director, Nguyen Van Minh, said the agreement also had PVEP using PVI as a consultant on risk management and insurance for projects that PVEP invests in.
”PVEP at present is conducting 30 domestic projects for oil exploitation, and eight foreign ones with Malaysia, Venezuela and Middle East countries,” said Minh.
”Insurance is necessary to ensure the speed and the effectiveness of the projects.”
PVFC was also set to become a trustee of capital, with a preferential interest rate, for PVEP and PVI projects.
Chairman of PetroVietnam Dinh La Thang said that while it was not the first collaboration between the domestic subsidiaries, he hoped the agreement would help raise the quality of oil as well as promote the effectiveness of Viet Nam’s oil and gas activities.
Source: VNA
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