Russia and Vietnam have agreed to promote new oil and gas projects, including shipping and refining crude oil and LNG from Russia to Vietnam.
A joint declaration ‘On the main areas of the Russian/Vietnamese relations of comprehensive strategic partnership at a new stage’ was published on the Kremlin's website, according to Interfax.
"The Parties have agreed to strengthen energy and oil and gas industrial co-operation and to ensure energy security by raising the efficiency of existing energy and oil and gas projects and advancing new ones in accordance with the effective legislation and strategic interests of each party, including shipping and refining crude oil and LNG from Russia to Vietnam," the communique read.
The two countries' leaders also supported the creation of favourable conditions for broader Russian business operations on Vietnam's continental shelf, and for Vietnamese in Russia.
Ahead of the talks held on 10th May between Russian President, Vladimir Putin and the secretary-general of Vietnam's Communist Party Central Committee, To Lam, the Russian government approved a number of draft agreements to broaden bilateral co-operation on oil and gas production.
In particular, the agreements involved giving PetroVietnam a 35% stake in the Kharyaga production sharing agreement (PSA) by 2027 and Zarubezhneft acquiring a 49% stake in a future PSA to develop the Block 01/17 field and Block 02/17 field in Vietnam.
In addition, the two companies' joint venture Vietsovpetro's operations could be extended until the end of 2050.
The topic of Russian LNG shipments to Vietnam was also raised during Vladimir Putin's visit to the country last summer. Russia could take part in building LNG capacity in Vietnam, which has the resources, and also ship LNG to Vietnam, Putin said then.
NOVATEK and PetroVietnam signed a memorandum of understanding (MoU) on co-operation in Vietnam, Interfax said.
