Following President Hugo Chávez' visit to Vietnam, Venezuelan and Vietnamese state oil holdings Pdvsa and Petrovietnam, respectively, initialed a cooperation agreement and a letter of intent to assess investment opportunities in oil and gas projects, thus reinforcing bilateral energy cooperation, Pdvsa said in a communiqué.

Pdvsa CEO and Energy and Petroleum minister Rafael Ramírez, together with Petrovietnam President Pran Ngoc Canh, inked an agreement undertaking to exchange information, staff and experts to identify areas of common interest along the hydrocarbon production chain.

The corporations negotiated specific accords in the areas of gas and oil prospection and drilling, as well as refining, supply and marketing, training, and organization of conferences and exhibitions intended to attract investors to both countries' hydrocarbon industries.

Pdvsa director Eulogio Del Pino and Petrovietnam vice-president Do Van Hau signed a letter of intent to assess opportunities of prospection and production in oilfields in Venezuela and Vietnam, as well as syncrude production at the Orinoco oil belt for refining in Vietnam, construction of refining and storage premises as well as oil terminals in Vietnam, availability of gas as a source of energy in both countries, and marketing of crude oil and byproducts in the Asia-Pacific region.