A company under Dubai-based investment group Al-Ghurair would build a storage facility in Vietnam to hold between 1.5 million and 2 million tonnes of petrol and oil products, a Vietnamese government report said.
Al-Ghurair Commodities would open a subsidiary in Vietnam and use the storage to supply fuel to neighbouring countries, Chief Executive Officer Saeed Saif Al-Ghurair was quoted in the Vietnamese government report late on Monday as saying.
Businesses of the United Arab Emirates would like to cooperate with Vietnam in the energy and agricultural sectors, he told President Nguyen Minh Triet during a visit to Hanoi, the report on the government's news website (baodientu.chinhphu.vn) said.
On its side, Vietnam was ready to help the UAE ensure its food security and welcomed foreign investment in the country, Triet was quoted as saying.
The report did not say if there was any rice contract signed during the visit or give any timeframe for the construction of the storage facility. Vietnam is the world's second-largest rice exporter after Thailand.
Sustained oil prices above $100 could further heighten tensions over control of the South China Sea, as Vietnam, China and other Asian nations look to stake their claim on potential untapped energy resources and reduce their dependence on costly imports