Russia, Vietnam Discuss Further Cooperation in Oil, Gas Sector

Gazprom and Vietnam on Friday discussed about Russian LNG supply to the South East Asian nation.

The topic was discussed during a meeting Alexey Miller, Chairman of the Company's Management Committee and Fam Suan Shon, Ambassador of Vietnam to Russia, Gazprom said.

The two parties also expressed their satisfaction with the progress of a Vietnamese project for natural gas use as a vehicle fuel.

Further cooperation between Vietnam and Russia in oil and gas sector was also stressed upon.

Vietgazprom, joint operating company of Gazprom and Petrovietnam, is engaged in exploration activities in blocks No. 112, 129, 130, 131, 132 located in the continental shelf of Vietnam. In October 2013 Gazprom and Petrovietnam launched commercial gas production from the Moc Tinh and Hai Thach fields of licensed blocks 05.2 and 05.3 offshore Vietnam, with recoverable gas and condensate reserves amounting to 35.9 billion cubic meters and 15.2 million tons respectively.

In October 2013, Gazprom and Petrovietnam signed the agreement on the basic principles of the joint venture activities under a project for natural gas use as a vehicle fuel in the Republic of Vietnam. The document stipulates promoting the cooperation between the companies in converting public transport in Ho Chi Minh City to natural gas. Gazprom Gazomotornoye Toplivo and Gazprom International represent Gazprom in the project.

In 2012 Gazprom Marketing & Trading Singapore and Vietnamese Petrovietnam Gas Joint Stock Corporation signed the Memorandum of Understanding for cooperation in the LNG supply sector. On March 4, 2014 the parties signed Heads of Agreement for LNG supply to the Thi Vai terminal in southern Vietnam.