Vietnam, Russia seek closer petroleum cooperation

Vietnam, Russia seek closer petroleum cooperation

The Vietnamese Government always creates the most favourable conditions for
petroleum firms of Vietnam and Russia to step up cooperation, Deputy Prime
Minister Trinh Dinh Dung told visiting General Director of Russia's
Zarubezhneft oil and gas company Sergei I Kudryasov.

At a reception for the Russian guest in Hanoi on October 27, the deputy PM
said cooperation in oil and gas production has formed one of the main,
effective sectors of bilateral relations and brought huge revenues to both
countries' budget.

According to the leader, the two countries have recorded productive
cooperation in the oil and gas field, with projects operated by Russian oil
and gas firms in Vietnam, especially joint ventures between Zarubezhneft and
the Vietnam National Oil and Gas Group (PetroVietnam) - Vietsovpetro in
Vietnam and Rusvietpetro in Russia. These contributed to bolstering the
Strategic Partnership between the two countries.

He suggested closer links between Zarubezhneft and P etroVietnam in order to
seek to cut expense and improve the efficiency of their joint ventures, and
intensify technology renovation, towards maximising the efficiency of
operating oilfields.

For his part, Sergei I Kudryasov said cooperative projects between his firm
and PVN has been implemented effectively as planned by the two sides.
The joint ventures will continue expanding more exploitation areas in the
coming time.

While thanking Governments for their specific policies to tackle
difficulties facing the oil and gas joint ventures in recent time, he
proposed the Vietnamese side to do more to resolve remaining difficulties.

At the meeting, Deputy PM Dung assigned the Ministry of Industry and Trade
and the PVN to closely cooperate with Zarubezhneft and the two nations'
relevant ministries and sectors, thus promoting stronger links between
Vietnamese and Russian petroleum companies.

Established on June 19, 1981, Vietsovpetro is one of the leading firms in
exploiting oil and gas on Vietnam's continental shelf. It exploited 220
million tonnes of crude oil as of July this year, raking in over 74 billion
USD.

As of December 31, 2015, Rusvietpetro, which was formed on December 15,
2009, pumped over 13 million tonnes of crude oil, earning more than 5
billion USD.

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Ref:
https://www.vietmaz.com/2016/10/vietnam-russia-seek-closer-petroleum-coopera
tion/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+vietmaz+%2
8VietMaz%29

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com