Vietnam welcomes Russian oil and gas corps

Based on the foreign policies which enhance the position of Asia in diplomatic relations, Russian large companies in the field of energy, specifically, oil and gas will boost investment in Vietnam in the near future.

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At the meeting on June 10th with the Central Economic Committee, Mr. Yury P.Sentyurin, Deputy Minister of Energy of the Russian Federation stated that the new foreign policies of Russia are focusing on Asia. Thanks to this policy, potential opportunities for energy cooperation between Vietnam and Russia will be opened widely.   

Also at the meeting, Mr. Vuong Dinh Hue, Head of the Central Economic Committee has stressed that the investment from the delegation of Russia’s Energy Ministry at this point is very meaningful. It is included in the project implementing agreement on comprehensive strategic partnership between Vietnam and Russia, which will brings the economic cooperation in general and energy cooperation in particular to a new level, in accordance with the statement of Mr. V. Putin, the Russian President, in a visit to Vietnam which emphasizes on the cooperation on energy and oil, the strength of both countries.

Referring to the capacity for energy cooperation between Vietnam and Russia, Hue said that Vietnam is building strategies on energy development in general and oil in particular with the aim of not only meeting the domestic demand but also exporting into countries in Asia and worldwide. Vietnam is striving to become a petrochemical center in the region. In addition to operation of oil refinery factories like Long Son and Nghi Son Company, Vietnam is considering developing other oil-related projects, specifically, increasing the capacity of Dung Quat oil refinery project into 8 to 9 million tons per year, more than 2 times higher than that of nowadays. Therefore, Vietnam truly welcomes Gazprom and other large oil and gas companies of Russia to boost investment in Vietnam market.

As for Russia, Sentyurin said that the delegation of Russian Ministry of Energy visiting Vietnam this time brought a large number of members to perform extensive programs working with the Ministry of Industry and Trade and National Petroleum Corporation of Vietnam on the project upgrading Dung Quat oil refinery and other important energy projects.

Gazprom is the largest corporation of Russia in the field of energy. It is a global corporation which possesses extensive experiences, huge financial resources and mass distribution network in Europe, the Middle East and many countries worldwide. The corporation not only exploits but also specializes in petrochemical refinery sector including asphalt, fertilizer, liquefied petroleum gas, and chemicals. With such strengths, the Russia Federation is willing to share and assist Vietnam in the development of Vietnam oil and gas industry.

Vietnam always commits to protecting the legitimate rights and interests of foreign investors working in Vietnam territory. The Central Economic Committee with its function to evaluating important projects including oil and gas projects will contribute significantly in implementing economic cooperating programs between Vietnam and Russia effectively.