Rosneft and PetroVietnam, the national petroleum companies of Russia and Vietnam, on Monday signed a cooperation agreement in the presence of Russian Prime Minister Dmitry Medvedev and his Vietnamese counterpart Nguyen Xuan Phuc in Moscow.
The deal provides for the expansion of cooperation between Russia, Vietnam and third countries in hydrocarbon exploration and production, processing, commerce and logistics, as well as staff training, Rosneft said Monday in a statement on its website.
Under the pact, the two sides will consider potential options for joint projects, define the basic terms of cooperation and establish working groups for each of the cooperation field, according to the statement.
Igor Sechin, chairman of Rosneft, said in a statement that the new stage of cooperation will help his firm “get a new channel of marketing hydrocarbons in the Asia-Pacific market.”
Vietnamese Prime Minister Nguyen Xuan Phuc (L) talks with his Russian counterpart Dmitry Medvedev in Moscow on May 16, 2016. Photo: VNA
Currently, Rosneft and PetroVietnam are cooperating under a production sharing agreement on gas and condensate production and exploration at a block located 370 kilometers off Vietnam’s coast in the Nam Con Son basin.
The two companies also have stakes in the Nam Con Son pipeline, which will transport gas and condensate from the Nam Con Son offshore basin to an onshore power generation facility.