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Sechin cements Rosneft’s Vietnam portfolio

16th June 2014

Rosneft head, Igor Sechin, and the chiefs of PetroVietnam Oil Corporation and JSC Zarubezheneft have signed a memorandum of understanding in the field of geological exploration on the Vietnamese shelf

Sechin cements Rosneft’s Vietnam portfolio
The memorandum provides for the possibility of cooperation expansion beyond the frames of these blocks, if new mutually beneficial partnership prospects are detected in the process of exploration

The document presumes, among other things, that the parties shall consider the possibility of cooperation and joint geological explorations in offshore Blocks 125 and 126, in Fukhan, on the Vietnamese shelf.

In addition, the memorandum provides for the possibility of cooperation expansion beyond the frames of these blocks, if new mutually beneficial partnership prospects are detected in the process of exploration.

The document was signed by PetroVietnam president and general director Do Van Hau and general director of JSC Zarubezhneft Sergey Kudryashov.

“The signing of this Memorandum by Rosneft, Zarubezhneft and PetroVietnam is an evidence of strategic mutually beneficial cooperation between the Russian oil and gas companies and Vietnamese partners,” said Sechin. “Possible extension of the gas assets portfolio in the region will let Rosneft to strengthen its positions on the energy resources supplier market and get new competences in offshore production. In the same time, implementation of this project will let Vietnam strengthen its energy safety.”

“Along with cooperation in Vietnam, Rosneft and other Russian companies continue extending the cooperation with PetroVietnam Oil Corporation on the territory of Russian Federation and consider options of cooperation in third countries,” said Do Van Hau.

The memorandum was signed on June 16 at the World Petroleum Congress.

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