Gazprom, PetroVietnam Ink Multiple Deals

Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Quoc Khanh, Chairman of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam), signed today in Moscow a number of documents to strengthen cooperation between the companies.

The signing ceremony was attended by Dmitry Medvedev, Prime Minister of the Russian Federation, and Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam (SRV).

The following documents were signed:

the Memorandum of Understanding on the development of new oil and gas projects;
the Memorandum of Understanding on power generation; and
the Addendum to extend the Cooperation Agreement on personnel training.
According to the Memorandum of Understanding on the development of new oil and gas projects, the parties plan to examine further opportunities for mutually beneficial cooperation in the field of hydrocarbon prospecting, exploration and development. Among the opportunities being considered are joint activities within new projects at licensed blocks on the shelf of Vietnam and in third countries.

The Memorandum of Understanding on power generation reflects the intention of the signatories to explore the possibilities of joint projects for gas-based power generation within Vietnam. To achieve that goal, the parties plan to use gas from their joint projects offshore Vietnam and LNG from Gazprom Group's portfolio.

The Cooperation Agreement on personnel training was extended for five years under the Addendum.

“Together with PetroVietnam we successfully conduct hydrocarbon exploration and production, work on NGV projects, and implement staff training programs.

The documents signed today expand the scope of our collaboration. We plan to jointly deliver new oil and gas projects and cooperate in the power sector, thereby gradually enhancing our partnership,” said Alexey Miller.