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New Vietnam-Russia petroleum agreement signed

Released at: 17:17, 21/04/2016

New Vietnam-Russia petroleum agreement signed

Agreement on exploration in Russian territories signed by Rusvietpetro joint venture.

by Luong Nhi

An agreement on geography and gas exploration in Russian territories was signed by the Vietnam-Russia joint venture Rusvietpetro in Hanoi on April 20.

Along with the agreement, a protocol on amending the Inter-Governmental Agreement to explore geography and oil in Vietnam, which was signed on December 27, 2010, was also introduced following Rusvietpetro’s agreement.

Minister of Industry and Trade Tran Tuan Anh said the two documents expressed the strong support of the Vietnamese and Russian Governments to PetroVietnam and Zarubezhneft, the two joint venture partners. It also showed that the priority given to petroleum development policies in cooperative relations between the two countries.

Vietsovpetro and Rusvietpetro, the two joint ventures, are a symbol of the traditional strategic relations between the two countries, the minister added.

Vietsovpetro was established in 1981 and is one of the leading companies in exploring and exploiting petroleum in Vietnam. To date the company has exploited 220 million tonnes of crude oil and earned total revenue of $74 billion.

Rusvietpetro was established in 2009 and conducts petroleum exploration and exploitation in Russia. It has exploited about 13 million tonnes of crude oil and earned revenue of more than $5 billion.

Photo: VPG

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