11:37:49 AM | 23/10/2007
Russia is planning to invest in hydropower and oil exploration in Vietnam, Russian Minister of Industry-Trade and Energy V.B. Khristenko told his Vietnamese counterpart Vu Huy Hoang at a meeting in Hanoi October 19.
“Russian businesses are showing their keen interest in oil, hydropower, industrial machinery and mining projects in Vietnam,” said V.B. Khristenko.
Many Russian corporations have been preparing projects in such industries in Vietnam and Laos, he added.
Vietnam and Russia have signed an agreement to protract their 50-50 oil and gas joint venture in Vietnam, Prime Minister Nguyen Tan Dung said during his first visit to Russia.
Vietsovpetro oil joint venture will be operational beyond 2010 on a different legal basis on the territory of the Russia, Vietnam and in third countries, Dung said during his talks with Russian counterpart Mikhail Fradkov.
Vietsovpetro was founded in 1981 between Vietnam’s state oil and gas monopoly PetroVietnam and Russian oil firm Zarubezhneft.
Vietsovpetro expects to produce 8.69 million tons of crude oil in 2007. It will boost its new exploration on Nam Rong - Doi Moi oilfield, to start commercial production in 2009. The field is estimated to hold 57 million tons of crude oil. (Labor)
Vietnamese
