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Gazprom and PetroVietnam strengthen cooperation

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LNG Industry,

The Chairman of the Gazprom Management Committee, Alexey Miller, has met with the Chairman of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam), Nguyen Quoc Khanh, in Moscow, Russia. The pair signed a number of agreements in order to strengthen cooperation between the two companies.

Both Dmitry Medvedev – the Prime Minister of the Russian Federation – and Nguyen Xuan Phuc – the Prime Minister of the Social Republic of Vietnam (SRV) – attended the signing ceremony.

Three key documents were signed: a Memorandum of Understanding (MoU) on the development of new oil and gas projects; an MoU on power generation; and the Addendum to extend the Cooperation Agreement on personnel training.

The first of these three agreements states that both parties will plan to examine further opportunities for mutually beneficial cooperation in the field of hydrocarbon prospecting, exploration and development. This will include opportunities for joint action within new projects at the licensed blocks on the shelf of Vietnam and in third countries.

Regarding the second agreement (MoU on power generation), both parties will seek to explore the possibility of joint projects for gas-based power generation in Vietnam. In order to realise this goal, both companies are planning to use gas from their joint projects located offshore Vietnam, as well as LNG from Gazprom Group’s portfolio.

The third agreement (Cooperation Agreement on personnel training) was increased by an additional five years under the Addendum.

Miller said: “Together with PetroVietnam, we successfully conduct hydrocarbon exploration and production, work on NGV projects, and implement staff training programmes.

“The documents signed today expand the scope of our collaboration. We plan to jointly deliver new oil and gas projects and cooperate in the power sector, thereby gradually enhancing our partnership.”

Edited from press release by David Rowlands

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