Vietnam & Russia sign deals for three oil and gas projects

5/15/2013

Vietnam & Russia sign deals for three oil and gas projects

By Nguyen Pham Muoi

HANOI -- 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.

Petrovietnam signed an agreement on the production and use of natural gas with Gazprom 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 favorable 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.

Dow Jones Newswires

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