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Page added on May 15, 2013
Vietnam, Russia Sign Production, Exploration Deals
Vietnam and Russia have signed deals for three oil and gas projects during Prime Minister Nguyen Tan Dung’s visit to Moscow, the Vietnamese government said in a statement late Tuesday.
State-run Petrovietnam signed an agreement on the production and use of natural gas with Gazprom OAO and a letter of intention on petrochemical and oil exploration with Gazprom Neft.
Petrovietnam also signed an agreement with Zaruzhneft to set up a drilling joint venture in Russia, the statement said.
The governments of Vietnam and Russia have pledged to create favourable conditions for their oil joint ventures, and encourage the companies to expand operations in the two countries as well as in other countries, it added.
The two countries target bilateral trade to reach $7 billion by 2015 and $10 billion by 2020, from nearly $3 billion in 2012.
5 Comments on "Vietnam, Russia Sign Production, Exploration Deals"
Arthur on Wed, 15th May 2013 12:01 pm
Russia selling oil in all directions, like there is no tomorrow. Wonder when they will be forced to start to frack in order to keep up with production. Russia: oil, gas, weapons and Матрёшка dolls and little else.
radon on Wed, 15th May 2013 12:32 pm
Arthur, most likely these are agreements in respect of the Vietnamese continental shelf oil deposits. From Vietnam’s perspective, this all makes sense since they have big brother China on top of their head.
There are talks about Vietnam joining the Eurasian Customs Union (now including Belarus, Kazakhstan and Russia), so all these deals may need to be viewed in a wider context.
BillT on Wed, 15th May 2013 3:32 pm
And the great game continues as the West sinks slowly, well … into the West…lol.
radon on Wed, 15th May 2013 4:32 pm
Arthur, most likely these are agreements in respect of the Vietnamese continental shelf oil deposits.
Arthur on Thu, 16th May 2013 10:30 am
“From Vietnam’s perspective, this all makes sense”
Yes, but from Russia’s perspective? Russia is selling oil and gas too quickly; they should smear it out over a longer timeframe and reap higher prices in the future. And Russia should finally make a start with renewables as well, although Russia is not the most suitable country to do that: little sun, not too much wind, hardly mountains for hydro.