Vietnam, Dagestan reach oil and gas exploitation agreement hinh anh 1Illustrative Image (Photo:VNA)
Vietnam is willing to pour up to 300 million USD into an oil and gas exploitation project in the Caspian Sea of the Republic of Dagestan within the Russian Federation, said Dagestan’s Government Office on August 18.

Oil and gas exploitation prospects in the Caspian Sea were also discussed in a meeting between Dagestan Prime Minister Abdusadam Gamidov and representatives of the Vietnam National Oil and Gas Group (PetroVietnam) on the same day.

In the meeting, Prime Minister Gamidov asserted the republic’s firm determination to provide comprehensive support for partners to implement the project.

Earlier, a draft agreement on project investment was reached in a meeting between Dagestan President Ramazan Abulatipov and PetroVietnam Chairman and CEO Nguyen Quoc Khanh in April this year.

In this meeting, PetroVietnam expressed its readiness to become a shareholder of the State Oil Company of Dagestan and invest in oil and gas exportation and exploitation in Dagestan with an estimated amount of 300 million USD.-VNA