Vietnam National Oil & Gas Group (PetroVietnam) signed Saturday a general and strategic cooperation agreement with the People’s Committee of Quang Ninh Province.

The deal aims to promote diversified activities of investment and research by PetroVietnam in the coastal province in the north.

PetroVietnam said it will focus on key projects including expanding the capacity of its fuel and gas warehouse at Cai Lan Port to about 70,000 cubic meters from the current 5,000 cubic meters and the building of a bonded warehouse in the economic zone of Hai Ha.

Other projects include the western Ha Long urban area, the development of finance and insurance services and a sales and distribution network for liquefied petroleum gas (LPG or cooking gas) and fertilizer.

The group said in a statement that it estimates first-half revenues at VND119.3 trillion (US$6.9 billion), 112 percent of the target. (Thanhnien News)