BP's joint venture in Russia, TNK-BP, signed a contract to supply Russian ESPO crude oil blend to Vietnam, the company said on Monday as it prepares to acquire BP's assets in the Asian country.
TNK-BP said the first cargo of 100,000 tons will load in November in the Pacific Ocean port of Kozmino, the outlet for the blend, as a part of a deal with Vietnamese state corporation PetroVietnam.
According to a loading schedule, Kozmino will load 4.09 million tons of crude from the East Siberia-Pacific Ocean Pipeline crude in fourth quarter.
"We are committed to establishing a long-term presence in Vietnam and to pursuing joint projects in the upstream and refining sectors", Maxim Barsky, deputy chairman of TNK-BP's management board, was quoted as saying in a statement issued by the company.
Last week, TNK-BP's officials told the Reuters Russia Investment Summit that TNK-BP may try to buy Vietnamese assets from its co-owner BP as it sells down its portfolio to pay damages in the Gulf of Mexico.