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Taiwan's CPC, Vietnam's Sovico join hands to explore market

2018/07/20 19:46:38

Taipei, July 20 (CNA) State-run oil refiner CPC Corp., Taiwan signed a memorandum of understanding with Vietnamese business group Sovico (also known as Sovico Holdings) on Friday covering cooperation in oil exploration, oil product sales and related investments.

Under the pact, the two sides will work together to evaluate the possibility of cooperating in exploring for oil and gas deposits, selling petrochemical products and marketing lubricating oil, and studying related investment opportunities, according to CPC officials.

CPC Vice President Huang Jen-hung (黃仁弘) said his company sees Vietnam, which has grown at a rate of up to 6 percent annually in recent years, as a nation with development potential and has invested in two joint ventures in the country.

One is Maxihub Co. Ltd. (越南宏越) in Dong Nai province, which will make quality lubricants and other petrochemical products when it opens in 2020, and the other is Dai Hai Petro Corp (越南台海石油) in Haiphong, which distributes liquefied petroleum gas, Huang said.

The MOU was signed by CPC President Lee Shun-chin (李順欽) and Nguyen Thanh Hung, a co-founder of Sovico Holdings who serves as its chairman, and witnessed by CPC Chairman Tai Chein (戴謙).

Sovico Holdings is a multi-sector holding company with a diversified portfolio, ranging from banking and finance and aviation to real estate, hospitality, and industrial interests.

The company has many large subsidiaries, including budget airline Vietjet Air.

(By Kuo Hsing-yi and Elizabeth Hsu)