The Viet Nam National Oil and Gas Group (PetroVietnam) and its Russian partner Gazprom signed an oil exploitation pact in conjunction with the 19^th St Petersburg International Economic Forum held in Russia from June 18-20.

PetroVietnam President and CEO Nguyen Quoc Khanh (L) and Gazprom Chairman Alexey Miller signed an oil exploitation pact. (Photo: VNA)

Accordingly, the sides agreed on a number of basic conditions to develop the Nagumanovsky and North Purpovsk oil fields in Russia, which their joint venture, Gazpromviet, has been permitted to exploit by local authorities.

PetroVietnam President and CEO Nguyen Quoc Khanh and Gazprom Chairman Alexey Miller also discussed further affiliation between the two groups, including cooperation in the expansion of Dung Quat Oil Refinery and liquefied natural gas (LNG) supply in Viet Nam.

Gazpromviet, of which 51% of shares are owned by Gazprom and 49% by PetroVietnam, is exploring oil options in the Vietnamese continental shelf.

On the sideline of the forum, the PetroVietnam delegation held talks with the state-run Russian oil company Rosneft to foster their current collaboration.

(Source: VNA)