Petrovietnam, ONGC Videsh sign oil exploration pact

State oil group Petrovietnam and the overseas unit of state explorer Oil and Natural Gas Corp have signed a memorandum on joint exploration of crude oil, the Vietnam News Agency reported on Thursday.

The exploration pact between Petrovietnam and ONGC Videsh Ltd would allow activities in Vietnam, India as well as in a third country. Vietnam's Industry and Trade Ministry also signed a memorandum with Tata Power Company Ltd on the construction of a USD 1.8 billion thermal power plant in Vietnam's southern province of Soc Trang, the agency said. The pacts were signed on Wednesday during a visit to India by Vietnam's Communist Party General Secretary Nguyen Phu Trong, the report said.