OJSC Oil Company Rosneft (Rosneft) and Vietnam Oil and Gas Corporation “PetroVietnam” (PetroVietnam) have signed a Memorandum of Understanding (MOU) in Sochi to strengthen cooperation between the two oil and gas companies.
The MOU – signed by Rosneft President and Chairman of the Management Board Igor Sechin and PetroVietnam Chairman of the Board of Directors Phung Dinh Thuc in the presence of President of Russia Vladimir Putin and Vietnam’s Prime Minister Nguyen Tan Dung – acknowledges both parties’ intention to expand their cooperation in upstream and downstream segments of the oil and gas industry in Vietnam, Russia and third countries.
Commenting on the signing, Igor Sechin said: “We are happy to cooperate with PetroVietnam across different facets of the petroleum business in both Vietnam and Russia, and support both parties’ active work to fulfil our respective objectives for growth”.
TNK Vietnam is a 100% indirect subsidiary of Rosneft. After completing the acquisition of TNK-BP in March 2013 Rosneft became the world’s largest publicly traded oil and gas company by hydrocarbon reserves and production with daily production reaching 4.6 million barrels of oil equivalent per day.
Rosneft has entered Vietnam market through TNK-BP’s subsidiary, TNK Vietnam, which holds 35% equity ownership in and is the Operator of Block 06.1 and 32,67% shares in the Nam Con Son Pipeline that transports gas and condensate from offshore blocks to Dinh Co Terminal and to Phu My Power Complex for electricity and fertilizers production.