PetroVietnam Signs Cooperation MoU with Russia TNK-BP
The state-run Vietnam Oil and Gas Group (PetroVietnam) signed a memorandum of understanding (MoU) in Hanoi on Aug 17 with TNK-BP Company of Russian for cooperation in the next years.
Signatories were PetroVietnam General Director Phung Dinh Thuc and TNK-BP Vice Chairman Maxim Barskiy, PetroVietnam said on its website.
As a result, the two sides will consider setup of a joint venture for oil and gas exploration and production in Russia in the next years while TNK-BP will discuss to invest in a project to raise capacity of Vietnam’s first oil refinery Dung Quat.
TNK-BP will also study the possibility to sell crude oil to PetroVietnam or its affiliate PetroVietnam Oil Corp (PV Oil).
Recently, the government of Vietnam gave a nod to a project to increase the refinery’s annual capacity to 10 million tons from the current 6.5 million tons. (PVN)
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