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ECONOMYINDUSTRY

Vietnam to cooperate with Russia in field of petroleum

Updated at Saturday, 29 Oct 2016, 09:49
The Hanoitimes - At the yesterday`s reception for General Director of Russia’s Zarubezhneft oil and gas company Sergei I Kudryasov in Hanoi, Deputy Prime Minister Trinh Dinh Dung said that 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.
 
Deputy Prime Minister Trinh Dinh Dung received General Director of Russia’s Zarubezhneft oil and gas company Sergei I Kudryasov
Deputy Prime Minister Trinh Dinh Dung received General Director of Russia’s Zarubezhneft oil and gas company Sergei I Kudryasov
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.

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.

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 tonnes 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 tonnes of crude oil, earning more than 5 billion USD.

He spoke highly of Viet Nam-Russia cooperation in the field of oil and gas over the past years, which, he said, was one of the major and effective pillars in bilateral relations, generating huge revenues for the two countries’ respective budget.

Highlighting the effective cooperation projects between the Viet Nam National Oil and Gas Group (PetroViet Nam) and Zarubezhneft, including Vietsovpetro (in Viet Nam) and Rusvietpetro (in Russia), Deputy PM Dung asked the two groups to seek measures to reduce costs and enhance the operational efficiency of Vietsovpetro and Rusvietpetro joint ventures, and exert greater efforts to make optimal use of the existing oil fields as well as search for new ones.

​Deputy PM Dung assigned the Ministry of Industry and Trade and PetroVietnam to work with Zarubezhneft to handle the hindrances in the spirit of creating favorable conditions for oil and gas companies of the two countries to strengthen bilateral cooperation.

For his part, Kuderyasov thanked the Vietnamese and Russian governments for closely directing the removal of difficulties for oil and gas joint ventures between the two sides. On the occasion, he also asked the deputy PM to instruct relevant ministries and sectors to remove a number of existing obstacles.

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.

By Tuan Minh
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