VN, Russia continue search for oil

Viet Nam and Russia will continue their cooperation in geological survey work and oil and gas production on Viet Nam’s continental shelf within the framework of the Vietnamese-Russian oil and gas joint venture (JV) Vietsovpetro beyond this year.

An agreement to this effect was signed in Ha Noi yesterday by Minister of Industry and Trade Vu Huy Hoang and Russian Ambassador to Viet Nam Andrey Grigorievich Kovtun.

Speaking at the ceremony, Minister Hoang stressed the special traditional relationship between Viet Nam and Russia, adding Vietsovpetro, a JV between the Viet Nam National Oil and Gas Group (PetroVietnam) and Zarubezhneft of Russia, was a fine symbol of the comprehensive, friendly and cooperative ties between the two countries.

This year concluded Viet-sovpetro’s successful and effective cooperation stage under the agreement signed between the two governments in 1991, said the minister.

Minister Hoang said the signing of the agreement on further cooperation marked a new development in the traditional and strategic cooperative relations between the two governments. It deepened the ties between the two countries and would promote prosperity for the people of both countries.

The Vietnamese Government would create the most favourable conditions for Russian businesses to expand their investment activities in Viet Nam, particularly in the oil and gas sector, he affirmed.

By October 21, Vietsovpetro had reached its yearly target of tapping 6.2 million tonnes of crude oil. The JV is expected to tap 6.4 million tonnes this year. — VNS