Gazprom delegation taking part in APEC CEO Summit
The Gazprom delegation led by Alexey Miller, Chairman of the Company's Management Committee, participates in the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Manila (Philippines).
As part of the Summit, Alexey Miller attended the meeting between Dmitry Medvedev, Prime Minister of the Russian Federation and Truong Tan Sang, President of the Socialist Republic of Vietnam.
The meeting, among other things, considered issues of the cooperation in the oil and gas sector, including the project for upgrading the Dung Quat refinery.
“The energy sector has been recognized as a crucial component of regional economies in APEC countries. In this context, natural gas becomes more important and the need in a sustainable energy infrastructure becomes more urgent.
The Russian Federation possesses vast energy resources in its Asian part. Russia's participation in regional integration processes of APEC will ensure fast development of Siberia and the Far East.
Such cooperation areas as oil supply, refining and power generation are also within the scope of Gazprom's interest,” said Alexey Miller.
Asia-Pacific Economic Cooperation (APEC) – a forum for 21 Asia-Pacific countries – aims to raise economic growth and prosperity of the region as well as to strengthen the Asia-Pacific community. APEC member countries with about 40 per cent of the global population account for 56 per cent of the world’s gross domestic product.
The Republic of the Philippines is an island country located in the Southeast Asia with the population of 101.1 million people. The country’s probable gas reserves are substantial – around 2.1 trillion cubic meters. However, the domestic gas production has declined below 4 billion cubic meters a year. The growing gas consumption in the Philippines is explained by the construction of LNG import terminals.
Gazprom and Vietnamese companies work closely in hydrocarbon exploration and production projects, LNG supplies to Vietnam, refining as well as in the development of the NGV market in Vietnam.
Dung Quat, Vietnam’s only oil refinery, has an output of 6.5 million tons per year.