The Vietnam National Oil and Gas Group
(PetroVietnam) and Russia’s OAO Zarubezhneft Company on Aug. 28 signed
a number of cooperation agreements.
include a memorandum of understanding (MoU) to consider Zarubezhneft’s
participation in developing some lots on the continental shelf offshore
Zarubezhneft also signed with PetroVietnam’s subsidiary, PetroVietnam
Exploration and Production Corporation (PVEP), an MoU to ask permission
for oil and gas exploration and exploitation in a contracted deep-water
area off the shore of Cuba .
The Rusvietpetro joint venture company and the PetroVietnam Insurance
Joint Stock Company (PVI) signed an insurance contract for an oil
drilling project in Russia ’s Nenevski Municipality, a multi-billion
USD project with the participation of large oil and gas groups from
Russia and other countries.
With the contract, PVI becomes the first Vietnamese non-life insurance company to join an overseas project.
Addressing the signing ceremony, PetroVietnam General Director Phung
Dinh Thuc said Zarubezhneft is a long-term partner which has made
important contributions to Vietnam ’s economic development.
He said the two sides have cooperated since 1991 and exploited 180
million tonnes of crude oil from Bach Ho (White Tiger) and Rong
With the newly-signed deals, PetroVietnam and Zarubezhneft would
continue cooperation in investment in Vietnam, Russia and third
countries, Thuc said.
Zarubezhneft General Director Nikolai Brunich also expressed his hope
that the two sides would continue their effective cooperation in a
third country, particularly in Cuba, in the coming time./.