During a meeting with Prime Minister Pham Minh Chinh on 27/11/2024, Sergei Kudryashov, Chief Executive Officer of Zarubezhneft (the Russian Federation), stated that the company aims to expand into sectors such as energy and minerals. Specifically, Zarubezhneft plans to build an energy center in Vietnam.

In response, Prime Minister Pham Minh Chinh welcomed Zarubezhneft's participation in new energy and oil and gas projects, in addition to their existing ventures within the Vietsovpetro framework. He affirmed, "Vietnam always facilitates Russian oil and gas companies, including Zarubezhneft, to operate in Vietnam's oil and gas sector."

Prime Minister Pham Minh Chinh receives Sergei Kudryashov, Chief Executive Officer of Zarubezhneft (the Russian Federation). Photo: VGP

Prime Minister Pham Minh Chinh receives Sergei Kudryashov, Chief Executive Officer of Zarubezhneft (the Russian Federation). Photo: VGP

Oil and gas cooperation stands as a primary pillar of the Comprehensive Strategic Partnership between Vietnam and the Russian Federation. Zarubezhneft has collaborated with Vietnam National Oil and Gas Group (Petrovietnam) for over 40 years through hai joint ventures: Vietsovpetro (in Vietnam) and Rusvietpetro (in Russia). These ventures focus on geological exploration and the exploitation of oil and gas.

Currently, Vietnamese ministries are reviewing proposals from Petrovietnam and Zarubezhneft to further facilitate the expansion of Vietsovpetro and Rusvietpetro operations in Vietnam and the Russian Federation.

The Prime Minister noted that joint projects between Petrovietnam and Zarubezhneft bring economic efficiency, strengthen strategic trust, enhance energy security, and contribute to human resource training and technological capability for Vietnam. The Vietnamese Government consistently supports these joint ventures, as demonstrated by numerous inter-governmental agreements and protocols designed to facilitate their operations.

The Vietnamese Government supports both parties in continuing to research and expand investment activities. This expansion must adhere to principles of investment efficiency, harmonious benefits, and compliance with Vietnamese law. The Prime Minister urged both sides to continue discussions, seeking measures to improve joint venture operations and resolve any challenges in a constructive and friendly spirit.

Additionally, the Prime Minister requested Zarubezhneft to continue facilitating Rusvietpetro's activities in Russia. This includes expanding operational areas, acquiring new oil and gas fields and potential blocks, and maximizing existing infrastructure, technology, and personnel.

He also suggested improving logistics, taxes, and fees where necessary, enhancing Vietsovpetro's efficiency, ensuring reasonable output, and investing in exploration in new potential blocks.

Both sides should also foster cooperation in liquefied gas, supply chains, liquefied natural gas (LNG) port storage, technology transfer for depleted fields, and deep, difficult drilling technologies. They could also explore collaboration in renewable energy, hydrogen, new materials, high-quality human resource training for Vietnam, and the deployment of oil and gas services in third countries.

Phuong Dung