CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
Vietnam, Russia boost links in oil and gas production
18:32, 2016/07/07
Russian President Vladimir Putin has signed a federal law on ratifying the Agreement between the Russian and Vietnamese Governments on cooperation in geological survey and production of oil and gas in Russia within the framework of the joint venture Rusvietpetro.
According to the Vietnam National Oil and Gas Group (Petrovietnam), along with the agreement, the protocol amending the inter-governmental agreement dated December 27, 2010 on continued cooperation in geological survey and oil and gas exploitation in Vietnam’s continental shelf by Vietsovpetro, which was signed on April 20, 2016, also began taking effect. 
Established on June 19, 1981, Vietsovpetro is one of the leading firms in exploiting oil and gas on Vietnam’s continental shelf. It has so far exploited 220 million tonnes of crude oil, raking in over 74 billion USD. 
Oil crude exploration system in White Tiger Mine in Vietsovpetro.
Oil crude exploration system in White Tiger Mine in Vietsovpetro.
As of December 31, 2015, Rusvietpetro, which was formed on December 15, 2009, pumped over 13 million tonnes of crude oil, earning more than 5 billion USD. Both Rusvietpetro and Vietsovpetro are joint ventures between Petrovietnam and the Zarubezhneft Company of Russia.
They are considered as a symbol of the traditional and strategic ties between Vietnam and Russia.
The signing and ratification of the two documents reflects strong support of the two countries’ Governments for Petrovietnam and Zarubezhneft, and for links between the two nations in energy and oil and gas development, thus helping the joint ventures effectuate their operations.
Comments
Other news
12:17, 2025/02/25
Vietnam eyes top 3 in investment environment in ASEAN next 2 years: Party Chief
A key objective is to trim off at least 30% of administrative procedures and cut both business costs and unofficial fees.
18:03, 2025/02/22
Vietnam attracts South Korean tech investment at SEMICON Korea 2025
The event provided a platform for Vietnam to showcase its semiconductor potential and reaffirm its commitment to developing high-tech industries and strengthening international cooperation.
16:46, 2025/02/20
Swedish group plans US$1 billion investment in Binh Dinh recycling plant
By creating a large number of jobs and promoting a green economy, the initiative is important in establishing Vietnam as a global hub for the circular textile sector.
10:52, 2025/02/13
Samsung plans to invest in AI, semiconductors in Vietnam
Vietnam will continue improving its investment environment and driving strategic breakthroughs in order to usher in a new era of economic development.
17:20, 2025/02/07
Vietnam's data center construction costs among the lowest in Asia Pacific
The country has a lot of potential to become one of the most important data markets in the region.
21:05, 2025/02/03
Bright prospects for FDI inflows into Vietnam in 2025
Market size, growth potential, low labor costs, and stable political and social conditions continue to be Vietnam’s selling points in attracting foreign investors.