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Essar to increase business collaboration, strengthen ties with Vietnam | Essar

Essar to increase business collaboration; strengthen ties with Vietnam

Chairman of the National Assembly of Vietnam, H.E. 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 Mr. Ravi Ruia and Mr. Prashant Ruia along with an Essar delegation to discuss the investments of Essar group and potential collaboration and business opportunities in Vietnam.

19 Dec 2021
Press Release

Mumbai, 19th December 2021: Chairman of the National Assembly of Vietnam, H.E. 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 Mr. Ravi Ruia and Mr. Prashant Ruia along with an Essar delegation to discuss the investments of Essar group and potential collaboration and business opportunities in Vietnam.

Essar Exploration and Production Ltd (EEPL) and ENIs have a significant investment in Block 114, located in offshore area of Central Vietnam. Significant oil and gas discovery was announced in this block which is the largest hydrocarbon find in SE Asia spanning two decades. The Block has approximately 2bn barrels of oil and gas resource.

Having invested over US$ 300 mn 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. Development of the Block 114 is of utmost importance for energy interests of Vietnam. The commercial production of gas and condensate from this block will be a key strategic benefit for the central region of Vietnam.

India’s economic relationship with Vietnam has been strong with great developments over the past few years. Chairman of the Vietnam National Assembly H.E. Hue greeted Essar for its continued investment in Vietnam and called on to further increase the investments. H.E. Hue affirmed that ‘’Vietnam supports and will create conditions for Indian companies to continue their long term presence and expand operations related to oil and gas exploration and exploitation in its continental shelf.

Mr. Prashant Ruia, Director, Essar Capital said, “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. 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’’.

About Essar Exploration & Production Ltd (EEPL)
Essar Exploration & Production Ltd (EEPL) is fast emerging as one of the leaders in natural gas exploration and production, worldwide. EEPL’s portfolio comprises of geographically diversified conventional & unconventional Hydrocarbon assets with significant prospects. EEPL, along with Eni, an Italian major in oil and gas, holds stakes in Block-114, located in the shallow waters of Song Hong basin in Vietnam. EEPL is one of the portfolio businesses of the global investor, Essar Global Fund Limited (EGFL).

About Essar Capital
Essar Capital Limited (“Essar Capital”) is the investment manager of Essar Global Fund Limited (“EGFL”). It monitors and manages the entire portfolio of investments owned by EGFL.

EGFL is a global investor, owning a number of world-class assets diversified across the core sectors of Energy , Infrastructure, Metals & Mining, Technology & Services. EGFL invests long-term capital into the portfolio companies and holds majority stake in all its investments. EGFL invests with a sense of active ownership, which involves direct engagement with the management of the respective businesses. The portfolio companies have aggregate revenues of about USD 13 billion and employ over 7,000 people.

— Ends —

Media contact:
Manish Kedia, Senior Vice President – Corporate Affairs, Essar
Phone: +91 98197 30092, Email: Manish.Kedia@essarcapital.com
Adfactors PR
Trupti Sakpal, Phone: +91 99308 96738, Email: trupti.sakpal@adfactorspr.com

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