Saudi Arabia, Vietnam to sign energy deals

11 Apr 2010

(MENAFN) Vietnam’s President, Nguyen Minh Triet, began a rare visit to Saudi Arabia and said that the two countries will sign an agreement to encourage Saudi Aramco invest in two refineries to be built in the Asian country, Reuters reported.

The president also welcomed Saudi companies’ interest in investing in rice cultivation in Vietnam, noting that the kingdom is one of the world’s top five rice importers, while Vietnam is the world’s second-largest rice exporter.

The agreement will mainly evolve around encouraging Saudi Aramco to invest in and supply crude oil to oil refineries that the Vietnamese government plans to build and at the same time open the door for Petrovietnam to engage in upstream activities in Saudi Arabia.

Like other GCC countries that rely on food imports, Saudi private companies have boosted efforts over the last two years to buy or lease land in developing nations in order to ensure supplies after 2008’s hike in commodities prices.

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