The article emphasized that the establishment of joint actions between Russia and Vietnam in the oil and gas field was one of the glorious pages in the history of their bilateral relations. It affirmed during the past four decades, the joint venture has led Vietnam – Russia cooperation in the energy sector, contributing greatly to strengthening the countries’ economic and trade ties.

Russian Ambassador to Vietnam Gennady Bezdetko (Source: Russian Embassy in Vietnam)

In 1988, Vietsovpetro pumped up the first tons of crude oil from the basement on the continental shelf in Bach Ho field, which was a milestone for the development of Vietnam’s oil and gas sector.

The Russian diplomat reviewed the joint venture’s key activities in the past time, stating that it has contributed to ensuring Vietnam’s energy security and budget revenue, creating jobs, and promoting the growth of supporting industries and scientific areas.

The article affirmed that in terms of economic efficiency, Vietsovpetro is holding a deserving position not only in the Vietnamese market but also in the world. Over the past 35 years, the firm has exploited more than 240 million tons of oil and gas. As of March this year, its revenue from oil and gas sales amounted to 86.7 billion USD, with 52.6 billion USD contributed to the State budget.

Its efficient management and smooth production process have allowed Vietsovpetro to operate sustainably even in the midst of the COVID-19 pandemic. In 2020, its volume of oil extracted stood at 3.4 million tons, 9 percent higher than the yearly target. About 1.2 billion cu.m of gas has been brought ashore, reeling in 1.14 billion USD in revenue.

The joint venture with a workforce of about 8,000 now is still among the most important in the Vietnam - Russia coordination and is making great contributions to strengthening their comprehensive strategic partnership, Bezdetko said.

Its achievements are a clear affirmation of meticulous and selfless works by Russian and Vietnamese experts as well as of the friendship and mutually beneficial cooperation between the two nations, concluded the diplomat.

Source: VNA