Alexey Miller and Vietnamese Prime Minister Nguyen Xuan Phuc discuss cooperation in energy sector
RELEASE
Release
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam, took place at the Gazprom headquarters today.
The meeting addressed the ongoing and future cooperation in the energy sector. Among other things, the participants commended Gazprom and PetroVietnam for their collaborative efforts. Together, the companies actively conduct hydrocarbon exploration and production, work on NGV projects, and implement staff training programs. It was noted that the documents signed yesterday by Gazprom and PetroVietnam in the presence of Russian Prime Minister Dmitry Medvedev and Nguyen Xuan Phuc established a solid basis for further strengthening and development of the mutually beneficial partnership between the companies.
Background
Vietnam Oil and Gas Group, PetroVietnam, is focused on hydrocarbon exploration, production, processing, transportation and marketing. Gazprom and PetroVietnam collaborate under the Agreement on strategic cooperation.
On May 16, 2016, Gazprom and PetroVietnam signed the following documents:
– the Memorandum of Understanding on the development of new oil and gas projects;
– the Memorandum of Understanding on power generation; and
– the Addendum to extend the Cooperation Agreement on personnel training.
Vietgazprom, the joint operating company established by Gazprom and PetroVietnam on a parity basis, conducts exploration activities in blocks 112 and 129–132 located on the continental shelf of Vietnam. Gazprom is represented in the joint venture by Gazprom International, a specialized company for the implementation of hydrocarbon prospecting, exploration and development projects outside Russia.
Since 2013, Gazprom International and PetroVietnam have been engaged in commercial gas and condensate production from the Moc Tinh and Hai Thach fields offshore Vietnam.
In 2015, PVGAZPROM Natural Gas for Vehicles, a joint Russian-Vietnamese company focused on the use of natural gas as a vehicle fuel, was registered. The joint venture consists of Gazprom International (35.5 per cent), Gazprom Gazomotornoye Toplivo (35.5 per cent), and PETROVIETNAM GAS (29 per cent).
Since 2012, Gazprom and PetroVietnam have been implementing the Agreement on scientific and technical cooperation and the Cooperation Agreement on personnel training.