• 4 minutes 5 Tweets That Change The World?
  • 7 minutes Trump Tariffs NOT China's Biggest concern. Chinese Shadow Banking Bigger. What is Shadow Banking You Ask ?
  • 11 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 15 minutes Glory to Hong Kong
  • 6 hours Trump will capitulate on the trade war
  • 11 hours China's Blueprint For Global Power
  • 3 hours The power of propaganda has no boundaries: Which country has larger territory US od China
  • 6 hours Support Held. Back in UGAZ
  • 10 hours Any difference btw Hunter Biden on BOD of Ukraine Company vs. Qatar bailout of Kushner Real Estate 666 Fifth Ave ?
  • 13 hours PETROLEUM for humanity 
  • 1 hour Iranian Oil Tanker struck by missiles off Jeddah
  • 4 hours Crazy Stories From Round The World
  • 11 hours ISIS Prisoners Escape Syria Camp After Turkish Shelling. Woohoo!
  • 14 hours How The US Quietly Lost The 1st Amendment
  • 15 hours Leftists crying to make oil patch illegal friendly: 'Broken system' starves U.S. oil boom of immigrant workers: CONGRESS DO YOUR JOBS INSTEAD OF PANDERING!
  • 7 hours China 2019 - Orwell was 35 years out
  • 10 hours Total SA In Expansion: $600 million For India's Adani Gas
Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Premium Content

Gazprom, Rosneft Sign Landmark Energy Deals with Vietnam

Russian oil giants Rosneft and Gazprom Neft have signed a series of agreements with Vietnam’s state-run Petrovietnam that will give them a 49% stake in Vietnam’s only operating refinery and will cover landmark joint exploration and fuel supplies.

The agreements were signed during a visit to Vietnam by Russian President Vladimir Putin on 12 November, and will also pave the way for Vietnam’s state-run oil company to jointly explore in Russia’s Arctic Pechora Sea.   

The deal could also see Rosneft’s eventual purchase of a stake in an exploration block off Vietnam’s continental shelf.  The block in question is operated by PetroVietnam with a 40% stake, with France’s Total and South Korean SK Energy holding 35% and 25%, respectively.  

As part of the deal, Gazprom Neft—Gazprom’s oil subsidiary--will acquire a 49% interest in the Dung Quat refinery, which will be modernized to increase capacity from 6.5 million tons to 10-12 million tons within a year.

Alexander Dyukov, Chairman of the Management Board of Gazprom Neft, said the deal was in line with the company’s long-term strategy of pursuing a significant increase in refining volumes outside Russia. Access to the capacity at Vietnam’s refinery will allow Gazprom Neft to enter the fast-growing Asian market for refined products.

“For this refinery upgrade project in Vietnam Gazprom Neft will draw extensively on the Company's experience in modernising our refining capacities in Russia and Europe, where all plants now produce fuel meeting the Euro-5 standard. By working with PetroVietnam we will ensure that the Vietnamese market enjoys a stable supply of refined products that meet world standards," Dyukov said.

Also included in the raft of deals signed, Russia’s state-owned gas monopoly, Gazprom, will supply fuel to Vietnam, including liquefied petroleum gas (LPG).

Vietnam is a key ally in Asia for Russia, and bilateral trade has grown considerably over the past several years. In 2012, trade between the two countries grew 20% to $3.6 billion.

By. James Burgess of Oilprice.com




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play