The oil and gas contract, lot XV in Tonle Sap Lake of Cambodia, is the first petroleum cooperation project between Việt Nam and the neighbor country.
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Vietnamese Deputy PM Hoang Trung Hai gives speech at the signing ceremony of the petroleum contract Lot XV, Phnom Penh, November 12, 2009
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On Thursday afternoon, Vietnamese Deputy PM Hoang Trung Hai and Cambodian Deputy PM Sok An cho-chaired the signing ceremony of the petroleum contract held in Phnom Penh. The contract is a cooperation project between the PetroVietnam Exploration Production Corporation (PVEP) and the Cambodian National Petroleum Authority (CNPA).
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Lot XV, about 6,900km2, is located northeast to Tonle Sap, inland Cambodia.
The contract will be valid for 30 years (oil exploitation) and 35 years (gas).
The exploration period will last for seven years.
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At the ceremony, Deputy PM Hoang Trung Hai emphasized that, Vietnam and Cambodia have greatly consolidated their traditional friendship and comprehensive cooperation in recent years. Many cooperation documents on telecommunications, energy, rubber, and electric power have been signed in order to raise the two-way trade turnover to US $2 billion next year.
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Cambodian Deputy PM Sok An gives speech at the signing ceremony of the petroleum contract Lot XV, Phnom Penh, November 12, 2009
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The contract is the first one of its kind reached by Vietnam and Cambodia in a key economic industry, reflecting the development of bilateral cooperation between the two countries.
Deputy PM Hai asked competent agencies of Cambodia to facilitate the enforcement of the contract. He added that the Government of Vietnam will outline the legal framework for closer cooperation among petroleum enterprises of the two countries.
Cambodian Deputy PM Sok An strongly believed that the contract would benefit both sides and bring about good experience for the development of modern industries.
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The signing ceremony of the petroleum contract Lot XV, Phnom Penh, November 12, 2009
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On the occasion, PetroVietnam presented the Government of Cambodia with US $2 million for the Social Security Fund./.