PV Drilling (stock code PVD) has decided to invest $280,000 to establish a joint venture with partners specializing in providing jack-up rig leasing services and well engineering services in Indonesia.

The Minister of Industry and Advanced Technology, CEO of the Abu Dhabi National Oil Company (ADNOC), wants to promote cooperation with Vietnam in energy development, build a transit and storage center for crude oil and petrochemical products in Vietnam.

Energy and oil cooperation is a leading pillar in the Comprehensive Strategic Partnership between Vietnam and Russia.