Vietnam, Russia foster oil, gas cooperation

10:38 | 17/03/2017 Industry

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.

vietnam russia foster oil gas cooperation
Deputy PM Trinh Dinh Dung (right) and Director General Kudryashov Sergey Ivanovich of the Russian oil and gas group Zarubezneft (Credit: VNA)

During his reception for visiting Director General Kudryashov Sergey Ivanovich of the Russian oil and gas group Zarubezneft in Hanoi on March 16 the Deputy PM hoped Zarubezneft would 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 facilitative 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, including prices dropping to as low as US$43 per barrel, Vietsopetro and Rusvietpetro still earned high profits thanks to minimising their production costs, 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.