PANO - An agreement on ammoniac and ammonium nitrate production between PetroVietnam and GAET, a defence economic company under the General Department of Defence Industry, was signed on July 20th in Hanoi.

Under the agreement, the two sides will found a joint venture to produce ammoniac and ammonium nitrate from natural gas.

The agreement also defines that PetroVietnam will hold 60 per cent of the total shares in the joint venture while GAET to possess the remainder, but GAET will take the Chairmanship and PetroVietnam will appoint its personnel as the Director.

According to the two parties, the joint venture will have production capacity of 450,000 tons of ammoniac and 200,000 tons of ammonium nitrate per year.

Translated by Thu Nguyen