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ENRON CORP. ANNOUNCES PLANS TO DEVELOP GAS PROCESSING PLANT IN VIETNAM
FOR IMMEDIATE RELEASE: Monday, June 10, 1996
HOUSTON -
Enron Corp. announced that it has been selected to enter into
negotiations with the state oil and gas company of Vietnam, PetroVietnam,
to jointly develop, own and operate a $161 million gas processing
plant south of Ho Chi Minh City in Ba Ria-Vung Tau province.
On Saturday, Enron Development Corp. signed a Heads of Agreement
(HOA) with PetroVietnam that enables Enron to negotiate a joint
venture agreement. Enron will hold a 49 percent interest in the
project and PetroVietnam will hold 51 percent.
PetroVietnam would deliver gas to the
gas processing plant from the Bach Ho (White Tiger) oil and gas
field, which is located offshore of southern Vietnam. The plant
would be designed to process approximately one billion cubic meters
per year of raw natural gas. Condensate, propane and butane would
be extracted from the raw gas and PetroVietnam would utilize the
dry gas that remains for downstream industries and power generation.
The propane, butane and condensate would be sold to local and
international markets through an export terminal which also is
part of the project. The HOA also provides for a comprehensive
training program which would integrate Vietnamese nationals in
the technical, marketing and management team of the joint venture.
"We are pleased to have been selected
to participate in this project," said Kenneth L. Lay, chairman
and CEO of Enron Corp. "This project serves as Enron's cornerstone
for assisting Vietnam in developing its energy infrastructure."
Enron Corp., one of the world's largest
integrated natural gas companies with approximately $13 billion
in assets, operates the largest transmission system in the Western
Hemisphere and the second largest system in the world; is the
largest purchaser and marketer of natural gas and the largest
non-regulated marketer of electricity in North America; produces
and markets natural gas liquids worldwide; owns 60 percent of
Enron Oil & Gas Company, one of the largest independent (non-integrated)
exploration and production companies in the United States; owns
55 percent of Enron Global Power & Pipelines L.L.C., which
is owner and manager of operating power plants and natural gas
pipelines in emerging markets; and is one of the largest independent
developers and producers of electricity in the world. Enron Corp.
is traded under the ticker symbol, "ENE."
For additional information please contact:
Carol Hensley
(713) 853-6498
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