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Harambe: Vietnam President receives representatives of US business associations, investors | Vietnam+

(9/22/21)

President Nguyen Xuan Phuc received representatives of the US-ASEAN Business Council (USABC), the American Chamber of Commerce (Amcham), the US Chamber of Commerce (USCC), and several US companies and multinational groups in New York on September 22 (local time).

These enterprises included McLarty, Philip Morris, AES, Thermo Fisher, Asia Group, Northwestern Medicine, Excelerate Energy, GE, and McDermontt, Delta Offshore Energy and Boeing.

Receiving leaders of the AES Group, President Phuc highly valued its activities in Vietnam as well as its contributions to the Vietnamese energy sector’s growth. Affirming Vietnam’s support to the enterprise’s expansion of operations in Vietnam, he encouraged the group to invest in green and renewable energy in the country. He also lauded the firm’s partnership with PVGas in building Son My liquefied natural gas (LNG) storage in Vietnam.

At his meeting with representatives of the Asia Group, the Vietnamese leader suggested the firm continue to work as a bridge between the two nations and urge the US government to further promote practical and long-term cooperation with Vietnam. The Asia Group should mobilise the US government to donate more COVID-19 vaccines and medical supplies to Vietnam, and transfer COVID-19 production technology to the country, he added.

Meeting leaders of Thermo Fisher, President Phuc lauded the firm’s commitments to support vaccine development programmes and exchange experience with partners in responding to the COVID-19 pandemic.

Receiving representatives from General Electric (GE) and Excelerate Energy, he hoped that GE, Excelerate Energy and partners will continue to increase investment in clean and renewable energy in Vietnam, which is an important sector to help with socio-economic development and environmental protection in the country.

At his meeting with leaders of Northwestern Medicine, the President thanked clinics and member hospitals of Northwestern Medicine for their donation of medical supplies and equipment to Vietnam. He proposed Northwestern Medicine further foster cooperation between Vietnam and Chicago in research, development and application of hi-tech in health check-up and treatment.

Meeting partners of Delta Offshore – Bạc Lieu Energy, he hailed Delta Offshore Energy’s LNG-fueled power project in Bac Lieu province – the biggest foreign-invested project in the Mekong Delta region so far. He expressed his hope that the project will become a model of quality and progress with most competitive power prices, thus inspiring more US energy firms to invest in Vietnam.

At a meeting with representatives from the USABC, Amcham, USCC, McLarty and Philip Morris, President Phuc spoke highly of the role of US business associations and enterprises in encouraging US firms to invest in Vietnam over the past years.

He suggested that the associations will continue to encourage US businesses to invest in Vietnam, especially in strategic areas, helping Vietnam engage in regional and global supply chains, while hastening the US Government to continue its donation of COVID-19 vaccines and medical supplies to Vietnam as well as transferring vaccine production technology to the country. He hoped the associations will contribute their voices to the US Government in optimising the Vietnam-US partnership and promoting stable and long-term cooperation with Vietnam on the basis of mutual support and interest.

https://en.vietnamplus.vn/president-receives-representatives-of-us-business-associations-investors/208500.vnp

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Harambe: Iraq Remains Biggest Petroleum Opportunity | MarketWatch

(9/22/21)

Iraq remains the biggest petroleum opportunity today, Petrel Resources says. The London-listed company, which last year submitted a proposal to develop an oil field in Iraq, says the biggest challenge in the country is outdated contracts and fiscal terms. Here’s what Petrel had to say as it reported first half accounts:

On Iraq’s oil market:

“Despite much-publicized challenges, Iraq remains the biggest commercial opportunity in petroleum today. The geology is unsurpassed. The oil market is sharply recovering. But contracts must be updated for effective exploration and development.”

“2021 was a moment of truth for companies prepared to invest in Iraq. Some western majors, ignorant of prevailing circumstances, had bid over-optimistically on service contracts from 2009, and then found it hard to operate effectively.”

“Others, including TotalEnergies and Chinese NOCs, have re-committed themselves given the large opportunity. Iraq is not for the faint of heart, but there is considerable upside to be realized provided the elected government implements necessary reforms.”

“For several years after the 2003 Iraqi invasion, there was a perception that contractors close to western governments, and later super-majors, would dominate Iraqi oil exploration and development. Iraqis had other ideas, however: they want partners, rather than bosses.”

“The biggest challenge facing Petrel in this new era is not operating conditions, access to technology or community relations. The biggest challenge facing agile industry players is outdated contracts and fiscal terms that were designed during boom years.”

On Petrel’s operations in Iraq:

“Petrel has also been asked, by an Iraqi group, to evaluate minerals opportunities that may become economically and legally viable following the expected passage of legislation.”

At the invitation of Iraqi government officials in 2020, Petrel submitted a proposal to develop the Merjan oil field, in accordance with applicable laws and the Iraqi Model Contract. This builds on the Technical Cooperation Agreement (TCA), conducted by Petrel in 50% cooperation with partner Itochu, from 2004.”

https://www.marketwatch.com/story/iraq-remains-biggest-petroleum-opportunity-petrel-resources-says-commodity-comment-27163230022

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