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 (R) receives General Director of Russia’s Zarubezhneft oil and gas company Sergei I Kudryasov (Photo: VNA)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.
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 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.-VNA
You should also see
Dien Bien Phu Victory remains source of encouragement for national construction, development
Chief of the General Staff of the Vietnam People’s Army and Deputy Minister of National Defence Senior Lieutenant General Nguyen Tan Cuong has granted an interview to the Vietnam News Agency on the occasion of the 70th anniversary of Dien Bien Phu Victory (May 7, 1954-2024).
See more
Business
Garment & textile sector tries to keep growth momentum
The Vietnamese garment and textile sector is carrying out various measures to bolster production and business activities amidst formidable challenges posed by falling demand, high inventory, and geopolitical instability in several countries, according to insiders.
Business
Central bank to resume gold bar bidding after 11 years
The State Bank of Vietnam (SBV) will resume gold bar bidding after 11 years, aiming to increase the supply of gold to the market, promptly and immediately settle the high difference in domestic and international gold prices, thus ensuring the gold market operates in a safe and stable, healthy, open, transparent and effective manner in accordance with the Prime Minister's direction.
Business
Hai Phong Techfest connects Vietnamese, RoK businesses
The Department of Science and Technology of the northern port city of Hai Phong is organising the International Techfest Connect 5+, a science and technology festival to promote connectivity in the northern coastal region, from April 15-16.
Business
Banks record positive business indicators in Q1 2024
Many banks have reported positive business indicators, especially credit growth, in the first quarter of this year.
Business
InfographicFour commodities post Q1 export value of over 5 billion USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
