Vietnam, Russia seek closer petroleum cooperation

The Vietnamese Government always creates the most favourable conditions for petroleum firms of Vietnam and Russia to step up cooperation, Deputy Prime Minister Trinh Dinh Dung told visiting General Director of Russia’s Zarubezhneft oil and gas company Sergei I Kudryasov.

At a reception for the Russian guest in Hanoi on October 27, the deputy PM said cooperation in oil and gas production has formed one of the main, effective sectors of bilateral relations and brought huge revenues to both countries’ budget.

According to the leader, the two countries have recorded productive cooperation in the oil and gas field, with projects operated by Russian oil and gas firms in Vietnam, especially joint ventures between Zarubezhneft and the Vietnam National Oil and Gas Group (PetroVietnam) – Vietsovpetro in Vietnam and Rusvietpetro in Russia. These contributed to bolstering the Strategic Partnership between the two countries.

Deputy Prime Minister Trinh Dinh Dung (R) receiving General Director of Russia’s Zarubezhneft oil and gas company Sergei I Kudryasov

He suggested closer links between Zarubezhneft and P etroVietnam in order to seek to cut expense and improve the efficiency of their joint ventures, and intensify technology renovation, towards maximising the efficiency of operating oilfields.

For his part, Sergei I Kudryasov said cooperative projects between his firm and PVN has been implemented effectively as planned by the two sides.

The joint ventures will continue expanding more exploitation areas in the coming time.

While thanking Governments for their specific policies to tackle difficulties facing the oil and gas joint ventures in recent time, he proposed the Vietnamese side to do more to resolve remaining difficulties.

At the meeting, Deputy PM Dung assigned the Ministry of Industry and Trade and the PVN to closely cooperate with Zarubezhneft and the two nations’ relevant ministries and sectors, thus promoting stronger links between Vietnamese and Russian petroleum companies.

Established on June 19, 1981, Vietsovpetro is one of the leading firms in exploiting oil and gas on Vietnam’s continental shelf. It exploited 220 million tons of crude oil as of July this year, raking in over 74 billion USD.

As of December 31, 2015, Rusvietpetro, which was formed on December 15, 2009, pumped over 13 million tons of crude oil, earning more than 5 billion USD.