The Vietnam National Oil and Gas Group (PetroVietnam) and its Russian partner Gazprom signed an oil exploitation pact in conjunction with the 19th St Petersburg International Economic Forum held in Russia from June 18-20.

Representatives of the two sides signing the pact.

Accordingly, the sides agreed on a number of basic conditions to develop the Nagumanovsky and North Purpovsk oil fields in Russia, which their joint venture, Gazpromviet, has been permitted to exploit by local authorities.

PetroVietnam President and CEO Nguyen Quoc Khanh and Gazprom Chairman Alexey Miller also discussed further affiliation between the two groups, including cooperation in the expansion of Dung Quat Oil Refinery and liquefied natural gas (LNG) supply in Vietnam.

Gazpromviet, of which 51 percent of shares are owned by Gazprom and 49 percent by PetroVietnam, is exploring oil options in the Vietnamese continental shelf.

On the sideline of the forum, the PetroVietnam delegation held talks with the state-run Russian oil company Rosneft to foster their current collaboration.

Source: VNA