Russia’s new Turn East energy policy opens up huge opportunities to exploit Vietnam and Russia’s advantages in the oil and gas field, radio The Voice of Vietnam (VOV) reported, citing a senior Russian official.

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Russia’s Deputy Minister of Energy Yury P.Sentyurin made the statement at a working session with the Party Central Committee's Commission for Economic Affairs in Hanoi on June 10.

At the working session, Vuong Dinh Hue, Chairman of the Party Central Committee’s Commission for Economic Affairs said that the Russian delegation’s visit is part of a programme to implement an agreement on strategic comprehensive cooperation between Vietnam and Russia. Vietnam is devising a strategy to develop energy in general and oil and gas in particular to strengthen energy cooperation between the two nations.

Vietnam is set to become an oil refinery centre in the region and to develop other oil refinery projects, especially the upgrade of Dung Quat Oil Refinery factory with a design capacity of 8-9 million tonnes per year, doubling the current figure.

“Therefore, Vietnam highlighted further investment from Gazprom and Russia’s major oil and gas companies.”

For his part, Sentyurin said that his delegation discussed with the Ministry of Industry and Trade and Vietnam Oil and Gas Group (PetroVietnam) about a project to upgrade Dung Quat oil refinery factory and consider some major energy projects.

The Deputy Minister introduced Russia’s advantages of the energy and oil and gas sector, noting that the Ministry of Energy will give priority to supporting energy projects with Vietnam.

Hue highlighted the Russian delegation’s initiatives and emphasised that both sides have great potential for energy and oil and gas cooperation. Vietnam welcomed cooperation from international groups including Russian oil and gas firms in exploiting Vietnam’s continental shelf in accordance with international laws as well as the UN Convention on the Law of the Sea (UNCLOS).

Source: VNA