Rosneft, PetroVietnam ink cooperation deal

  • Business & Finance

Russian oil giant Rosneft and the Vietnamese national oil company PetroVietnam (PVN) have signed a cooperation agreement that enables expansion of cooperation between the parties in Russia, Vietnam and third countries in the area of hydrocarbon exploration and production.

Rosneft said on Monday that the agreement was signed by Rosneft Chairman of the Management Board Igor Sechin and the Chairman of the Board of Directors of PetroVietnam Nguyen Quoc Khanh. The agreement also entails offshore exploration and production, processing, commerce and logistics, as well as staff training.

The parties agreed to consider potential options for joint projects and define the basic terms of cooperation as well as establish a working group for each of the areas of cooperation.

Igor Sechin said: “Successfully working with PetroVietnam in the exploration and production of hydrocarbons in Vietnamese offshore, Rosneft is interested in further expansion of its business in the country, including refining, petrochemicals, commerce and logistics. The new stage of cooperation will enable the Company to get a new channel of marketing hydrocarbons in the Asia-Pacific market and create additional synergies due to refining in the region.”

Nguyen Quoc Khanh noted: “We completely support Rosneft’s plans in Vietnam and welcome further development of cooperation between two companies.”

The cooperation agreement was signed in the presence of Russian Prime Minister Dmitry Medvedev and Prime Minister of the Socialist Republic of Vietnam Nguyen Xuan Phuc.

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