Monday, July 7, 2008

PetroVietnam and Petroecuador sign strategic energy cooperation agreement

PetroVietnam, Petroecuador sign a strategic agreement to start cooperating in oil and gas field exploration, production, transportation, storage, processing and trading said state media on Saturday in Hanoi, Vietnam.

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The agreement will be valid for two years, which really makes it more of a "test" to see if the two countries national oil companies can function efficiently with one another. Two years in reality is a short time period if they hope to accomplish all the above listed cooperation objectives. It will no less allow the two countries to see if this new strategic alliance is worth pursuing.

It is refreshing to read news of cooperation between countries in South America and other Asian countries aside from the China. China is undoubtedly the "juggernaut" of Asia's emerging markets, but it is hardly alone, and developments such as this are proof that South America will grow closer to Asia as a whole with time... not just the PRC (China).

China-South America Trade and Finance
will continue to monitor this development between Vietnam and Ecuador, and post updates to keep readers up to date on this new trans-pacific alliance.