Nikkei Asian Review on 18th March reported that Vietnam’s Ministry of Public Security is investigating a loss-making oil and gas project in Venezuela, as Vietnam probes corruption involving state enterprises.  Vietnamese authorities have asked state-run Vietnam Oil and Gas Group (PVN) to “provide all documents relating to the implementation of the project” to tap and upgrade the Junin-2 oil field in Venezuela’s Orinoco Belt, an area thought to contain the world’s largest oil reserves.  PVN terminated the contract in December 2013, determining that little progress had been made, but the ministry is looking into suspected legal violations before the termination.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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