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Vietnam - Russia boosts oil and gas cooperation

Thu, 11 Sep 2014. Last updated Thu, 25 Jun 2015 08:48

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Vietnam and Russia oil and gas cooperation is increasingly strengthened by establishing more joint ventures such as Rusvietpetro and Gazpromviet in Russia. This cooperation proves the wish of developing energy, oil and gas sectors of two countries.

The joint venture between Rosneft and PetroVietnam will proceed the exploration and exploitation of two oil fields in the Pechora detected with a geological reserves of 1 billion tons. This is one of contents was agreed between representatives of the National Petroleum Corporation of Vietnam (PetroVietnam) and leaders of Russia's energy sector.

 

Cooperation through joint ventures

According to Vietnam News Agency, during two days September 2-3, in Moscow, the high-level delegation of National Petroleum Corporation Vietnam led by Nguyen Xuan Son, the Chairman of the Board members has visited and worked with the leaders of Russia's energy sector. The delegation discussed with the Deputy of Russian Energy Ministry – Yuri Sentiurin, chairmans of the leading Russian oil and gas groups – Igor Sechin of Rosneft, Alesey Miller of Gazprom, and General Director of Zaruberhneft – Sergey Kudryashov. Accordingly, the two sides expressed satisfaction on Vietnam and Russia relationship of bilateral cooperation in terms of oil and gas sector. Simultaneously, they discussed plans to promote the cooperation, and enhance the effectiveness of the available joint venture, promote the activities of the joint ventures of Rusvietpetro and Gazpromviet in Russia, as well as tax incentives, resources exploitation and export.

 

Dung Quat Oil Refinery

 

The two sides also talked over the company Gazpromneft which bought 49% stake in Dung Quat Oil Refinery in Vietnam, to upgrade and increase refining capacity up to 10 million tons / year, supply long-term crude oil for the plant, as well as discussed the exploration and exploitation of oil blocks. The two sides agreed to endorse a joint venture between PetroVietnam and Rosneft to conduct exploration and exploitation of two oil fields in Pechora Sea which was discovered with geological reserve of 1 billion tonnes and 200 million tons of recovered reserve. The Deputy of Russian Sentiurin Energy Ministry said the ministry is ready to support this ventures to do business efficiently in a spirit of mutual benefit. In turn of Mr. Nguyen Xuan Son, the Chairman of the Board members suggested, in the context of today's world, the Vietnam oil and gas group – PetroVietnam is ready to invest in oil and gas projects in Russia, and Vietnam wants to play a role as bridge for Russian oil and gas companies to access ASEAN markets.

 

Petroleum – strength of both countries

An Oil rig of Vietnam

 

Earlier, at a talk between Foreign Minister, Sergei Lavrov and Deputy Prime Minister as well as Foreign Minister, Pham Binh Minh on April 16, the Russian Foreign Minister said Russia was considering the possibility of expanding cooperation in the oil and gas sector in Vietnam.  Russia and Vietnam insists to strengthen cooperation in the field of oil and gas exploration and exploitation on the continental shelf of Vietnam, in accordance with international law, especially the UN Convention on Law of the Sea in 1982. During the talk of the visit to Vietnam in July 2013, Russian Prime Minister, Dmitry Medvedev affirmed that his visit was to promote strong cooperation in the field of oil, gas and energy because Russia considers Vietnam an important partner in above mentioned sectors.

Then, in early December 2013, Russian President, Vladimir Putin paid a visit to Vietnam and said he would continue to boost the cooperation in accordance with international law, especially the UN Convention on the Law of the Sea in 1982. He affirmed that the key role in the development of Vietnam and Russia cooperation on investment and industry still belonged to the energy and petroleum sectors. The "First flag" has always been referred to the Vietnam - Russia joint venture, Vietsovpetro with an exploiting volume of 206 million tons. Currently, Gazprom and Rosneft started to conduct activities related to oil and gas exploration, modernizing petrochemical facilities, supplying liquefied natural gas from Russia's Far East to Vietnam.

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