Pertamina Energy Services Pte Ltd. and Largo Vista Group, Ltd. Enter Into Vietnam Oil Trade Agreement
NEWPORT BEACH, Calif., April 3 /PRNewswire-FirstCall/ -- Largo Vista Group Ltd. (OTC Bulletin Board: LGOV) announced today it has entered into an agreement with Pertamina Energy Services Pte Ltd., whereby Largo Vista committed to securing purchase requirements for oil products in Vietnam, while Pertamina will ensure the supply. Pertamina Energy, better known as Petral, is owned entirely by Indonesia's state-owned oil and gas company Pertamina. Largo Vista will also meet the crude requirement by Petral by providing Vietnamese grades to Petral.
"It is a win-win situation for Largo Vista as our company already has a client base of oil products purchasers, specifically gasoil in Vietnam, while Petral has access to supply sources," said Deng Shan, Largo's Chairman. "This agreement will provide a stepping-stone for Petral to enter into Vietnamese oil products market."
"Petral wishes to develop the market in Vietnam for oil products with the assistance of Largo Vista," said Soekono Wahjoe, Petral's president.
The agreement may lead to other agreements or arrangements in the oil trade business in China later, as China opens its oil and gas markets to foreign investors following its entry into the World Trade Organization last year.
"We are keen to expand the alliance into China for its huge market and the business environment will be improved as government is now deregulating the market," Wahjoe said. Pertamina, last week, signed an agreement with China's largest oil and gas company, PATRICIAN, to partnership in oil and gas exploration and production in Indonesia.
There was a video filming of the signing of this agreement between Pertamina and Largo and as soon as technically possible, Largo intends to provide access to it either by a link in a press release or through its website.
Additional information can be obtained on the Company's website at largovista.com .
For more information call 949 252 2180.
SOURCE Largo Vista Group Ltd.
CONTACT: Largo Vista Group Ltd., +1-949 252 2180/
Web site: largovista.com / |
