Russian Government has ratified the Agreement on petroleum cooperation with Vietnam

Russian Government has ratified the Agreement on petroleum cooperation with Vietnam - 

On July 3, 2016, Russian President Vladimir Putin signed a federative act to ratify the Agreement on Russia – Vietnam Cooperation on geological survey and petroleum exploitation in Russia within the framework of Rusvietpetro joint – venture.

Simultaneously with signing this Agreement, the Amended Protocol of intergovernmental Agreement on continuous cooperation on geological survey and petroleum exploitation on Vietnam’ continental shelf of Vietsovpetro joint-venture dated Dec. 27, 2010 enters into force, as well.

According to Petrovietnam, two these Agreements were signed by Vietnam’ Minister of Industry and Trade Tran Tuan Anh and Russia’ Secretary of state, Vice Minister of Energy Senchiurin Yuri Petrovich on April 20, 2016 in Hanoi.

Vietsovpetro and Rusvietpetro are joint – venture companies between Petrovietnam and Russian Zarubezhneft.

Vietsovpetro was founded on June 19, 1981, this is a company at the forefront of oil and gas survey and exploitation on Vietnam’ continental shelf. Up to now, Vietsovpetro has exploited 220 million tons of crude oil and about 30 billion cubic meters of associated gas with a total turnover of over US$ 74 billion and a contribution of about US$ 47 billion to budgets of Vietnam and Russia.

By the successful achievements, Vietsovpetro has been twice awarded title of Vietnam’ Labor Hero, Gold Star, Ho Chi Minh Medals and many other noble Rewards from State and Government of Vietnam.

Rusvietpetro founded on Dec. 15, 2009 is implementing survey and development of 13 oil fields on 4 lots in Nhenhexky Autonomous Republic, Russian Federation. Up to Dec. 31, 2015, the total turnover of the company was estimated US$ 5 billion. The company has been awarded by Vietnam’ State the Medal of Friendship.

The signing these documents have expressed a strong support of Governments of Vietnam and Russia for Petrovietnam and Zarubezhneft and policy for prioritizing petroleum development in cooperation between the two countries, creating favorable conditions for promoting effect of activities of the two joint –venture companies.

Vietsovpetro and Rusvietpetro are always a symbol of traditional and strategic relationship between Vietnam and Russia.

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