• 2 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 5 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 7 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 8 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 7 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
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

Gazprom, Rosneft Sign Landmark Energy Deals with Vietnam

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




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News