Vietnam, Russia foster oil, gas cooperation

09:39:24 Friday, March 17, 2017
Vietnam, Russia foster oil, gas cooperation
Deputy Prime Minister Trinh Dinh Dung has called for stronger cooperation between Vietnam and Russia in energy, especially in oil and gas exploration and exploitation.

During his reception for the visiting Director General of the Russian oil and gas group Zarubezneft, Kudryashov Sergey Ivanovich, in Hanoi on March 16, the Deputy PM hoped Zarubezneft to continue expanding its exploration and exploitation activities on Vietnam’s continental shelf.

Dung attached significance to the cooperation project between the two groups, 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 two Governments have continuously facilitated cooperation between the Russian group and the Vietnam National Oil and Gas Group (PetroVietnam), contributing to the socio-economic development of both countries, Dung said.

For his part, Kudryashov Sergey Ivanovich 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 USD per barrel, Vietsopetro and Rusvietpetro still earned high profits thanks to minimising their production cost, he said.

He underlined cooperation potential for the two joint ventures in the future, and suggested that they should continue seeking for investment opportunities in line with their benefits.
Source VNA/Vietnam+

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