Attending the ceremony was Mr. Dinh La Thang, Chairman of the Board of Executive Directors of PetroVietnam; Directors General, Directors of businesses under the PetroVietnam and its members.

On the side of the province, there was Permanent Secretary of the Provincial Committee of the Party, Chairman of the Provincial People’s Council Luong Ngoc Binh, Chairman of the Provincial People’s Committee Phan Lam Phuong and members of the Standing Committee of the Party, the Provincial People’s Council and the People’s Committee together with departments and branches in the province.

At the ceremony, the People’s Committee of Quang Binh and the PetroVietnam agreed investment cooperation in the principles of equality, voluntariness and mutual benefit in accordance with legal regulations and considered investment cooperation in Quang Binh province as a long strategy, meeting the tendency of development and integration.

Under the agreement, PetroVietnam has the responsibility for survey and research to invest in the projects in accordance with its functions, duties and financial capacity; creating favorable condition for businesses of the Corporation to self-invest or co-ordinate with the enterprises of Quang Binh province to invest in the projects that are concerned by two sides. In the short term, the Corporation will focus on building its projects in Hon La Seaport; the projects of thermo-electricity and hydroelectricity in the provincial area; exploiting the projects of mineral mine, project of glass sand factory, cement plant and kaolin factory; investment in industrial zones, commercial centers, hotels, tourism, resort area and other real estate projects; promoting activities of service, finance, tourism, trade and insurance in the provincial area.

Quang Binh People’s Committee has responsibility to direct the departments, branches and related localities to fulfil the procedures for master plan and site clearance; set up the preferential policies, create favorable condition and solve the necessary procedures for the Corporation and its units in selecting investment sites, handing over construction site and procedures of land.

Two sides highly agreed to assign PetroVietnam Deputy Director General Vu Quang Nam and Provincial People’s Committee Vice-chairman Nguyen Huu Hoai to implement the contents which were agreed by two sides; Director of Investment and Planning Department Le Van Phuc and Assistant Chief Planning and Investment Division of PetroVietnam to receive and deal with the information as well as exchange between the Corporation and the People’s Committee of Quang Binh.

Addressing the signing ceremony, Chairman Phan Lam Phuong stressed, "With the Corporation’s great potentials, the projects, which is signed between the Corporation and Quang Binh province today, is very feasible and will be certainly carried out in the coming time. These projects will create a breakthrough in the province’s socio-economic development, contributing to implementing the targets and tasks of the plan for the five-year socio-economic development (2006-2010) and quickly bringing Quang Binh to escape the poverty".

"Besides the preferential policies of the State, the province will set up some investment preferential policies which is applied to the investment projects in the provincial area. Simultaneously, Quang Binh province will create the best condition and closely co-ordinate with the Corporation in the project implementation process", said he.

By N.Y