Vietnam and Russia will continue their cooperation in geological survey and oil and gas production in Vietnam’s continental shelf within the framework of the Vietnamese-Russian oil and gas joint venture (JV) Vietsovpetro after
An agreement to the effect was signed in Hanoi on Dec. 27 by Minister of Trade and Industry Vu Huy Hoang and Russian Ambassador to Vietnam Kovtun Andrey Grigorievich.
Addressing the signing ceremony, Minister Hoang laid stress on the special traditional relationship between Vietnam and Russia, adding Vietsovpetro, a JV between the Vietnam National Oil and Gas Group (PVN) and Zarubezhneft of Russia, was a fine symbol of the comprehensive friendly and cooperative ties between the two countries.
The year 2010 concluded Vietsovpetro’s successful and effective cooperation stage under the agreement signed between the two governments in 1991, said the minister.
Vu Huy Hoang said the signing of the agreement on furthering cooperation after 2010 marks a new development in the traditional and strategic cooperative relations between the two governments, thus deepening the two countries’ ties and for prosperity of the two peoples.
The Vietnamese Government would create the most favourable conditions for Russian businesses to expand their investment activities in Vietnam, particularly in the oil and gas sector, he affirmed.
By Oct. 21, Vietsovpetro had fulfilled its yearly plan of tapping 6.2 million tonnes of crude oil. The JV is expected to tap 6.4 million tonnes of crude this year.