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News // Russia

Vietnam, Russia foster oil and gas cooperation

16 March 2017 , 16:21Neftegaz.RU552

Deputy Prime Minister Trinh Dình Dung has called on March 16, 2017, in Hanoi, for stronger cooperation between Vietnam and Russia in energy, especially in oil and gas exploration and exploitation.

 

During his reception for the visiting Zarubezhneft´s CEO, Kudryashov Sergey, the Deputy PM hoped Zarubezhneft to continue expanding its exploration and exploitation activities on Vietnam’s continental shelf.

 

Dung attached significance to the cooperation project between the the Russian group and the Vietnam National Oil and Gas Group (PetroVietnam), saying that it plays a key role in realising the Vietnam-Russia comprehensive strategic cooperative partnership.

 

The Government of Vietnam will create all conditions for more effective bilateral cooperation, he pledged.

 

Over the past years, the 2 governments have continuously facilitated cooperation between the 2 groups, contributing to the socio-economic development of both countries, Dung said.

 

For his part, Kudryashov Sergey expressed his thanks to the Government of Vietnam for providing support for the company’s operation, and briefed the host on the performance of the company in 2016 and the tasks set for 2017.

 

In spite of challenges facing the sector in 2016 with the low-record price fall to $43 per barrel, Vietsovpetro and Rusvietpetro still earned high profits thanks to minimising their production cost, he said.

 

He underlined cooperation potential for the 2 joint ventures in the future and suggested that they should continue seeking for investment opportunities in line with their benefits.

 

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