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Gazprom and Petrovietnam sign agreement

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Hydrocarbon Engineering,

Alexey Miller, Chairman of the Gazprom Management Committee and Nguyen Xuan Son, Chairman of the PetroVietnam Oil and Gas Group Board of Directors today signed a Framework Agreement on joint development of the Nagumanovskoye and Severo-Purovskoye fields.

The signing ceremony in Sochi took place in the presence of Vladimir Putin, President of Russia and Nguyen Phu Trong, General Secretary of the Communist Party of Vietnam Central Committee.

The document outlines the main terms for the projects implementation, in particular, the timeline for decision-making to start the development operations, a marketing concept as well as general principles of price setting and project financing.

The Gazpromviet joint will be responsible for the implementation of the Agreement.

“Gazprom is staying focused on developing the long-term strategic relationship with Vietnam. We have been successful in joint gas production from the Republic's shelf; we are also engaged in oil refining projects as well as the development of the NGV sector in Vietnam. Today's agreement will reinforce our partnership in gas production on the Russian territory. It is the first time that a company from Asia-Pacific has acted as a business partner and co-investor of Gazprom's promising fields in Russia,” said Alexey Miller.

Adapted from press release by Joe Green

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