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BUSINESS IN BRIEF 25/7   2009-07-25 - VietNamNet/TN, SGGP, VOV

Vietnam joins Advisory Centre on WTO Law


Prime Minister Nguyen Tan Dung has signed a decision to approve a protocol on Vietnam’s admission to the Advisory Centre on WTO Law (ACWL).


The PM asked the Ministry of Foreign Affairs to finalise procedures in line with the existing regulations, and the Ministry of Finance to pay membership fees on request from the Ministry of Trade and Industry.


Chevron, Mitsui, PetroVietnam sign Vietnam gas accord


Chevron Corp., the second-biggest US energy company, Mitsui & Co., and Vietnam Oil & Gas Group signed an initial agreement for a US$4 billion project to develop offshore natural-gas fields in Vietnam.


Under the non-binding accord, the three companies together with Thailand’s state-controlled PTT Exploration & Production Ltd., will start design work for the project to develop two blocks named B&48/95 and 52/97, Mitsui Oil Exploration Co., a unit of Tokyo-based trading house Mitsui & Co., said in an e-mailed statement Friday.


Chevron’s Vietnamese unit, holding a 42.38 percent stake in the B&48/95 block and 43.40 percent in 52/97, is the operator of the project, which entails production of natural gas and construction of pipelines, according to the statement. Commercial production is slated to begin in 2014.


Estimated reserves in the joint development area overlapping the two blocks total 4.2 trillion cubic feet, according to the statement. The size of reserves in the two blocks is unknown. The project partners plan to sell the fuel to power utilities in Vietnam and other customers.


Lam Dong District to provide new coffee breed to growers


Lam Dong Province’s Bao Lam District will have over 3,000 hectares of grafted coffee bushes by next year, according to the district government. 


Accordingly, the Bao Lam People’s Committee will provide seedlings - the first-generation (F1) coffee grafted onto the Liberia coffee (coffea excelsa), and send experts to show cultivating techniques to farmers.


Nguyen Van Trieu, chairman of the committee, said the grafted coffee is impervious to drought, disease-resistant and yields large beans which ripen evenly. This tree yields 7-8 tons of coffee beans per hectare, two times the output of the current breed, and is a favorite of many farmers, he added.


According to Trieu, Bao Lam is the first district to be selected to grow this kind of coffee on a pilot basis.


DP World to open terminal in Vietnam in October


DP World, the Dubai-based port operator, on Tuesday said it will open a new terminal in Ho Chi Minh City’s Nha Be District in October. 


DP World said in a statement the terminal will be located 15 km north of the city and well-placed to serve the city itself, but also the surrounding industrial zone.


The terminal will handle cargo that currently moves through several ports on the Saigon River that will likely be closed down in the next several years.


DP World owns 49 terminals and 12 developments in 31 countries, making it one of the largest marine terminal operators in the world.


Binh Dinh inaugurates titanium slag plant


Sai Gon-Quy Nhon Mineral on July 24 held the inauguration ceremony of its large, modern titanium slag plant in the central province of Binh Dinh.


The plant cost VND1 trillion (US$57 million) to build and covers ten hectares.


With a capacity of 60,000 tons of titanium slag and 30,000 tons of iron by-products a year, it is expected that the plant’s operations will contribute hundreds of billions of dong per year to the State budget.


Binh Dinh has three titanium processing plants operating with a capacity of over 100,000 tons of titanium slag and over 50,000 tons of by-products a year.


Gas pipeline comes on stream


The Su Tu Vang (Yellow Lion) - Su Tu Den (Black Lion) – Rang Dong gas pipeline was officially opened on July 24, said Vietnam Petroleum (PetroVietnam).


A view of Bach Ho (White Tiger) offshore oil rig in Ba Ria- Vung Tau Province.The Bach Ho gas field is an important energy resource with a total output of 1.5-2 billion cu.m of gas per year.

The project is part of an integrated gas line project, providing pipeline links from gas fields to the coast, and adding more gas to the Bach Ho Integrated gas project.


The gas pipeline system will transfer around 1.25 million cubic meters of gas per day from the Su Tu Den and Su Tu Vang gas fields, as well fields from Cuu Long to Rang Dong and continue onto to Bach Ho (White Tiger) through Rang Dong- Bach Ho gas pipelines.


An official from of Petrol Vietnam Gas, which was handed the project by PetroVietnam, said the first gas stream to come in shore in the south-east area was in 1995 and provides gas to Ba Ria Electric Power Plant, with an output of one million cubic meters per day.


With its new output, the Vietnam gas industry will provide materials and fuels to produce 50 percent of electric output, 30 percent of the country’s fertilizer needs and over 30 percent of its liquefied gas.

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