Vietnam – Russia sign oil co-operation


HÀ NỘI — Việt Nam and Russia signed an inter-governmental agreement on oil and gas survey and exploration in Russia under the Rusvietpetro joint venture company, in Hà Nội yesterday.

Vietnamese Minister of Industry and Trade Trần Tuấn Anh and Deputy Minister of Energy of the Russian Federation, Yuri Senturin signed the agreement on behalf of the two governments.The two sides also signed a revised protocol of inter-governmental agreement on oil and gas survey and exploration in Việt Nam under Vietsovpetro joint venture on December 27, 2010.Đặng Huy Cường, director general of the ministry’s General Department of Energy said Rusvietpetro and Vietsovpetro are the two joint venture companies between the Việt Nam National Oil and Gas Group (PetroVietnam) and Zarubezneft. Vietsovpetro was established on June 19, 1981, and has been the leading firm in oil and gas survey and exploration in Việt Nam.

“The joint venture company has pumped 200 tonnes of oil and 30 billion metres of associated gas so far. Its total revenue reached US$74 billion contributing $47 billion to the State budget,” Cường said.

Vietsovpetro was awarded the Labour Hero titles, Hồ Chí Minh Medal, Golden Star Medal and several noble titles.He added that the Rusvietpetro was established on December 15, 2009. It has operated oil and gas survey and exploration in 13 oil fields in four blocks of Russia’s Nhenhexky autonomous zone. Its total output reached 13 million tonnes and revenue of more than $5 billion by the end of last year. The joint venture was also awarded the Friendship Medal.Speaking at the signing ceremony, Minister Anh said the two joint ventures have been well operated.Vietsovpetro has been an important partner for PetroVietnam in oil exploration while Rusvietpetro has seen encouraging results.

“We expect that the two companies would continue to operate effectively,” he added.

Yuri Senturin said the agreements signed today would be important documents in guiding effective bilateral co-operation between the two countries in the energy and fuel sector.The two companies have surpassed set targets in the context of the world’s economic difficulties, he said, and added that the signing would further contribute to the strategic relationship between the two countries.

Source: Vietnam News

Photo: Vietnam News