Gazprom Neft increases cooperation with Vietnam

25 November 2014

Gazprom Neft has signed a number of agreements with Vietnamese companies aimed at developing cooperation between the two countries. The documents were signed in the presence of Russian President Vladimir Putin and the General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong.

Alexander Dyukov, Chairman of Gazprom Neft’s Management Board, and Nguyen Xuan Son, Chairman of the Board of Directors of PetroVietnam, signed an agreement to start exclusive talks on possible cooperation in the exploration and development of the Dolginskoye field on the Pechora Sea shelf. Before the end of May 2015 the two parties are expected to sign an operating agreement and outline terms for the creation of a special company for the project, in which Gazprom Neft will be a majority stakeholder. PetroVietnam will be given access to all relevant information on the Dolginskoye field, and Gazprom Neft will refrain from entering into any discussions with other third parties on possible collaboration on this project over a period of six months.

Gazprom Neft and Binh Son Refining and Petrochemical, which owns and manages the Vietnamese Dung Quat oil refinery, also signed an agreement on the long-term maintenance of oil refineries. The contract provides for delivery of ESPO oil to Dung Quat from the Russian port of Kozmino. The oil price is calculated according to an agreed formula which is adjusted in line with market conditions.