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NEWS UPDATES 12 July 2010

Viet Nam, Russia co-operate in oil, gas

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Party leader Nong Duc Manh made a visit to the Zarubezhneft Joint Stock Petrol Company in Moscow yesterday as part of his official trip to Russia, according to the Viet Nam News.

Manh attended three co-operation signings between the Viet Nam National Oil and Gas Group, or PetroVietnam, and Zarubezneft. The two sides re-confirmed their decision to move the Russian-Vietnamese Joint Venture Vietsovpetro into a new stage of development.

Deputy chairman of the Russian Duma Ivan Ivanovich Melnikov and Russia's Deputy Minister of Energy Stanislav Svetlitsky also took part in the visit.

Vietsovpetro will exploit Russia's Nhenhexky oil field this year and continue to expand their exploration and exploitation of oil and gas in Viet Nam, Russia and other countries. Vietsovpetro was considered a key model of effective co-operation, said Manh. He emphasized that the mutual co-operation in the field of oil, gas and energy played an important part in the co-operative relationship between Viet Nam and Russia.

Since it was established in 1981, Vietsovpetro has often played the leading role in Viet Nam's oil and gas industry, making big contributions to the country's economic growth while also bringing benefit to Russia.

Manh said that the joint venture project being carried out by Viet Nam and Russia in the Nhenhexky zone was a large and complicated project with a big scale of investment. The project, which was expected to introduce product by the third quarter this year, still needed a lot of effort and close co-operation from both sides and attention from both Governments.

Manh said "It is a significantly important milestone in creating trust and encouraging the two sides to seek and carry out further projects in Russia and other countries."

He also expressed his gratitude for the contributions made by many workers and experts of the former Union of Soviet Socialist Republics and Russia for the development of the Vietnamese oil and gas industry.

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