Vietsovpetro to Further Vietnam-Russia Oil Cooperation

December 28, 2010
Vietnam and Russia will continue cooperating in geological survey and oil and gas production on Vietnam’s continental shelf within the framework of the Vietnamese-Russian oil and gas joint venture (JV) Vietsovpetro after 2010.

An agreement to the effect was signed in Hanoi on December 27 by Minister of Trade and Industry Vu Huy Hoang and Russian Ambassador to Vietnam Kovtun Andrey Grigorievich.

Addressing the signing ceremony, Minister Hoang emphasised the special traditional relationship between Vietnam and Russia, saying Vietsovpetro is a fine symbol of the comprehensive friendly and cooperative ties between the two countries.

2010 saw an end to Vietsovpetro’s stage of successful and effective cooperation under the agreement signed between the two governments in 1991, said the minister.

Hoang said the signing of the new agreement on cooperation after 2010 marks a step towards the strengthening of traditional and strategic ties between the two governments.

The Vietnamese Government will 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 October 21, Vietsovpetro had fulfilled its annual plan for 6.2 million tonnes of crude oil.

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