04/09/2014 16:39 GMT+7 Email Print Like 0

Vietnam, Russia boost oil and gas cooperation

Moscow, September 4 (VNA) - Russia’s Ministry of Energy is willing to support joint ventures in oil and gas between the country and Vietnam in the spirit of mutual benefit, a Russian official has said.

Russian Deputy Minister of Energy Yuri Sentiurin gave the statement during a working session with Chairman of the Member Council of the Vietnam National Oil and Gas Group (PetroVietnam) Nguyen Xuan Son, who was on a working visit to Russia on September 2-3.

For his part, Son thanked the Russian Government for its support to the GazpromViet and RusVietPetro joint ventures, proposing the ministry continue to create favourable conditions for the two JVs’ effective operation.

He affirmed that PetroVietnam is ready to invest in oil and gas projects in Russia, adding that Vietnam wants to act as a bridge for Russian oil firms to access the Association of Southeast Asian Nations market.

Son said he hopes that cooperation in oil and gas between the countries will be elevated to a higher level, contributing to tightening the Vietnam-Russia comprehensive strategic partnership as well as stepping up their oil and gas sectors.

While in Russia, Son also had working sessions with leaders of the Russian energy sector and chairmen of Russian leading oil and gas groups such as Gazprom, Rosneft and Zaruberhneft.

During the meetings, the two sides discussed measures to boost cooperation and enhance operation efficiency of existing joint ventures. They also discussed Russian oil and gas group Gazprom Neft’s buying 49 percent of the stake in Vietnam’s Dung Quat Oil Refinery.

According to the deal recently struck by directors of the two groups, Gazprom Neft will also join a project to upgrade and expand the Dung Quat refinery, which aims to increase the plant's production capacity to around 10 million tonnes per year.

PetroVietnam and Rosneft Group have agreed to set up a joint venture to explore and exploit two oilfields in Russia’s Pechora waters.
VNA/VNP