New Delhi, Dec 19 (FN Agency) Riding high on the growing bilateral trade ties between India and Vietnam, Ruias-controlled Essar group on Sunday said it is committed to the development of exploration well Block 114 in the South East Asian country. “Having invested over US$ 300 million in Block 114, Essar and ENI are committed to a fast track development of the Ken-Bau basin, whilst exploring for more hydrocarbon in Dan Day basin and other prospects,” the company said in a statement. Chairman of the National Assembly of Vietnam Vuong Dinh Hue has hailed Essar’s investment in the country and has called on to further scale up the operations.
The business group said that Vuong Dinh Hue, Deputy Prime Minister of Vietnam, Dr Le Manh Hung (President and CEO of Petrovietnam) and members of their senior level delegation of Vietnam met with Ravi Ruia and Prashant Ruia to discuss the investments of Essar group and potential collaboration and business opportunities in Vietnam. Essar Exploration and Production Ltd (EEPL) and Italian oil and gas major ENI have a significant investment in Block 114, located in offshore area of Central Vietnam, and holding 2 billion barrels of oil and gas resource. “Essar is committed to the development of Block 114, making it a significant resource for oil and gas in Vietnam’s economy. We are confident that this block will provide strong impetus for Vietnam to become self-sufficient in its energy requirements in the future,” said Prashant Ruia, Director, Essar Capital. India’s economic relationship with Vietnam has been strong and has massive potential to grow. As per official data, India’s investments in Vietnam are estimated at around US$ 1.9 billion including investments routed through third countries. As of April 2021, India had 299 valid projects with total invested capital of US$ 909.5 million, ranking 26th among countries and territories investing in Vietnam. Major sectors of Indian investment are energy, mineral exploration, agro-processing, sugar, tea, coffee, agro-chemicals, IT and auto components. “We are extremely excited about our business partnerships with Vietnam. The bilateral trade between both the countries has been steadily growing over the past two decades,” said Prashant Ruia.