Sergey Kudryashov met the Chairman of the Government of Vietnam Nguyen Xuan Phuc in Hanoi

Sergey Kudryashov met the Chairman of the Government of Vietnam Nguyen Xuan Phuc in Hanoi

On December 13, 2019, the General Director of Zarubezhneft JSC Sergey Kudryashov met the Chairman of the Government of the Socialist Republic of Vietnam Nguyen Xuan Phuc in Hanoi (Vietnam).

During the meeting Sergey Kudryashov has told of high performance of the joint Russian-Vietnamese ventures “Vietsovpetro” and “RUSVIETPETRO” achieved in 2019:

  • Under results of 11 months “Vietsovpetro” has already over-performed the oil production plan by 107% and gas production plan by 113%;
  • “RUSVIETPETRO” has also exceeded the planned performance by producing over 3 million tons of oil in 11 months of 2019. The enterprise plans on maintaining the production level over 3 million tons in 2020.

Apart from the current activities of the main enterprises, the parties have discussed the plans for expanding cooperation and implementing new projects with joint efforts both in Vietnam and in the Russian Federation.

Additionally, the issue of LNG terminal and power plant construction in Vietnam in Ninh Thuan province was brought up, it is planned to be implemented by a consortium of NOVATEK, Total, Siemens and Zarubezhneft companies. The parties have agreed that due to the increasing electric power consumption rate in Vietnam this project may contribute to the development of the country’s power industry significantly.

The Head of the Vietnamese Government Nguyen Xuan Phuc has highly appreciated the successes achieved in the framework of joint projects and expressed his confidence in further development of partnership. The attention of the high-ranking authorities of Russia and Vietnam to the joint projects of Zarubezhneft JSC and Petrovietnam OGC is the prerequisite of the enterprises’ successful development and speaks of their high significant in the general context of bilateral mutually beneficial cooperation development.

For reference
Zarubezhneft JSC and Petrovietnam OGC are the participants of two joint companies – Vietsovpetro and Rusvietpetro.
JV Vietsovpetro was established in 1981. The company obtained its first oil in 1986. The discovery of a high productive oil deposit in the granites of the crystalline basement of the Bach Ho field was a major success of the Russian petroleum experts.
LLC “JC “RUSVIETPETRO” was established in 2008 in accordance with the Joint Declaration signed by the Presidents of Russia and Vietnam in 2006. The company handles the development of 4 blocks of the Central Khoreyver Uplift in the Nenets Autonomous District which includes 13 fields.
In 2019 the Participants reached the new level of cooperation through signing a number of documents on joint efforts in new projects both in Vietnam and Russia. This year Zarubezhneft also entered the consortium with NOVATEK, Total and Siemens for the implementation of an LNG project.