Colombo : Sri Lanka and Vietnam have signed an oil and gas exploration agreement, Vietnamese President Truong Tan Sang said at a forum here Friday.
Vietnam’s state-run PetroVietnam had earlier expressed interest in exploring oil in Sri Lanka.
Both nations will also partner in machinery manufacturing, Truong said at the Sri Lanka-Vietnam Business Forum.
The sectors that will directly benefit are agriculture, electrical and equipments, Xinhua reported.
State-run Ceylon Petroleum Corp also signed a deal with PetroVietnam, the Lanka Business Online reported.
Cairn India earlier this month struck oil off Sri Lanka’s northeastern coast.
The Vietnamese president is on a three-day official visit to the island nation. He pledged to continue facilitating business opportunities between the two countries.