Vietnam state oil group plans South China Sea expansion

STATE oil group Petrovietnam and its partners may buy $1.5 billion in Vietnamese oil assets in the contentious South China Sea from ConocoPhillips, according to Petrovietnam’s chief executive.

Petrovietnam’s plan demonstrates a commitment to help protect Vietnam’s sovereignty in the East Sea, as it calls the disputed area, the company’s chief executive, Phung Dinh Thuc, was quoted as saying.

The company will not change its production and exploration activities in the region, Thuc said in a statement published by PV Oil, PetroVietnam’s marketing arm.