ConocoPhillips and the Vietnam National Oil and Gas Group (PetroVietnam) have just won an auction on the purchase of 7.5 million barrels of crude oil from Petroecuador, Ecuador.
Petroecuador has officially announced the signing of the purchase contract with ConocoPhillips and PetroVietnam in a recent auction. Under the contract, ConocoPhillips will buy 5 million barrels of crude oil and PetroVietnam will get the remainder of the 7.5 million of crude oil barrels.
The contract also says that Petroecuador will deliver the first batches of crude oil to ConocoPhillips and PetroVietnam and the purchase contract will continue to be realised until May 2012.
Regarding the withdrawal of ConocoPhillips from the Vietnamese market, the US Company has agreed to sell all of its assets in Vietnam to the French company of Perenco SA at a price of US$ 1.29 billion and will officially withdraw from the market after 15 years of operation in the country.
According to the US Company, this is one of its normal business activities around the world.
Source: DT Translated by Thu Nguyen