Russian energy giant Gazprom and Vietnam’s oil and gas group Petrovietnam signed on Tuesday an agreement on establishing a joint venture. The document on the joint venture, Gazpromviet, was signed during a visit by Vietnamese Prime Minister Nguyen Tan Dung to Moscow.

The Vietnamese premier was in Moscow to discuss large-scale projects
with Russia. The agreement on the joint venture was signed by Gazprom
CEO Alexei Miller and Petrovietnam general director Phung Dinh Thuc.

The
parties also signed a document on strategic partnership, which
stipulates active interaction between Gazprom and Petrovietnam in oil
and gas projects in Russia, Vietnam and third countries as part of
Gazpromviet.

In particular, the parties are set to jointly develop
the Nagumanov oil and gas condensate field in the Orenburg region in
the Urals, and also carry out prospecting and develop fields in Yakutia
in northeast Russia, East Siberia and the Russian Far East.

The Nagumanov field is stipulated as the key target for cooperation between the two companies.

In
November 2006, Gazprom and Petrovietnam signed an agreement on
cooperation in hydrocarbon exploration, production, transportation and
sale, the construction and operation of oil and gas pipelines and
refineries.

In May 2008, the parties signed an agreement on further
cooperation in geological prospecting and the further development of
four new blocks off Vietnam’s coast. The agreement also stipulated the
establishment of Gazpromviet for work in Russia and third countries.

Gazprom’s
stake in the joint venture is 51% while Petrovietnam holds 49%. Gazprom
is represented in the joint venture by its subsidiary Gazprom
Zarubezhneftegaz.

In addition, the parties signed on ‘Tuesday a
supplement to the oil and gas contract on block 112 off Vietnam’s
coast, extending the contract to adjacent deposits.

Source: RIA Novosti

Search to find what you want

• Keppel, Ezra and PetroVietnam in joint venture

    Keppel Offshore and Marine, Ezra Holdings, EOC Ltd and PetroVietnam Transportation have formed a joint venture to own and operate a floating production and storage offshore vessel in Vietnam. The joint venture, PV Keez, will supply an FPSO for the $1bn contract for Premier Oil’s Chim Sao project.

• EOC signs cooperation agreement with PetroVietnam Transportation

    EOC has signed a co-operative agreement with PetroVietnam Transportation, a subsidiary of the national oil and gas group in Vietnam, PetroVietnam, to incorporate a joint venture which will be equally owned through their respective subsidiaries.

• PDVSA, Russian group to launch 30 billion U.S. dollars oil venture

    Petroleos de Venezuela SA and a group of Russian oil companies plan to spend $30 billion on a joint venture in Venezuela’s Orinoco region. The 40-year venture will seek to produce crude in the Junin 6 area and may expand to other Orinoco blocks, Russian Deputy Prime Minister Igor Sechin told reporters

• PDVSA, Russian group to launch 30 billion U.S. dollars oil venture

    Petroleos de Venezuela SA and a group of Russian oil companies plan to spend $30 billion on a joint venture in Venezuela’s Orinoco region. The 40-year venture will seek to produce crude in the Junin 6 area and may expand to other Orinoco blocks, Russian Deputy Prime Minister Igor Sechin told reporters

• Gazprom buys former Yukos assets from Eni, Enel

    Russian gas giant Gazprom said Wednesday that it had completed the purchase of 51 percent of SeverEnergia, a joint venture of Italy’s ENI and Enel with licences in western Siberia, for 1.6 billion dollars. “Today Gazprom completed the deal for the acquisition of 51 percent of SeverEnergia,” Gazprom said in

• Rio Tinto and BHP Billiton s proposed amendment on iron ore production joint venture

    On 5 June 2009, Rio Tinto and BHP Billiton signed a non-binding agreement to establish a production joint venture covering the entirety of both companies’ Western Australian iron ore assets. Under the terms of the agreement up to 15 per cent of production was proposed to be sold by the joint

• Russia, Venezuela sign package of oil deals

    Russia and Venezuela signed on Thursday a package of deals, including one to develop the Latin American country’s Orinoco oil belt, with estimated reserves of 235 billion barrels of heavy oil. Venezuela’s PdVSA state oil firm and a consortium of major Russian producers signed a memorandum of understanding on cooperation in Orinoco,

• Petro Vietnam: Russia to supply Mull Crude Dung Quat refinery

     Russia will consider supplying crude oil to Vietnam’s Dung Quat oil refinery, state-run Vietnam Oil and Gas Group, or PetroVietnam, said Tuesday, citing Russian Energy Minister Sergei Shmatko. Russia will also consider buying a stake in the refinery when it is privatized and building power plants in Vietnam that will use

• PetroVietnam plans $ 770 mln bonds at home, abroad-PVFC

    State oil and gas group Petrovietnam will sell domestic bonds to raise $500 million this year before going abroad to raise further $270 million, its finance arm said on Friday. Petrovietnam Finance Corp PVF.HM and HSBC have been working with Petrovietnam on the domestic bond issue, Chairman Nguyen Dinh Lam

• Petro Vietnam sees 2010 crude prices to average $ 65/bbl

    State oil and gas group Petrovietnam said expects crude oil export prices this year to edge up to an average $65 per barrel from $64 last year. Petrovietnam expects its export revenues this year to be $7.04 billion versus $7.82 billion in 2009, the company said in report on its

• Iraq will be shell-deal likely delayed

    A senior Iraqi oil official says a final deal to tap natural gas in a joint venture with Royal Dutch Shell PLC is likely to be delayed until after January’s national elections. A preliminary deal was signed last September for a joint venture to gather, process and market associated natural gas

• Sinotrans and Vietrans sign JV agreement

     Sinotrans and Vietrans have signed an agreement to establish a joint venture in Vietnam. ? The two companies have been in a co-operative relationship for many years, and this JV agreement marks the further development of that relationship. In recent years, bilateral trade between China and Vietnam has seen rapid growth.?

• Venezuela, China sign 16 billion DLR Oil Deal

    Venezuelan President Hugo Chavez announced a 16-billion-dollar deal with China to drill for oil in the resource-rich Orinoco basin. “Yesterday (Tuesday), a deal was signed in Beijing for the Orinoco basin. It sets out a Chinese investment of 16 billion dollars over the next three years,” Chavez said at a public

• QuayQuip BV and Pol-e-Mar, Inc. Form Joint Venture

    A joint venture partnership established to service the North American and Caribbean markets has been announced by Jason Keating, President of Pol-E-Mar Inc. and Mike Harrison, Director of QuayQuip BV with its head office located in the UK. Read at QuayQuip BV and Pol-E-Mar Inc.

• BHP Billiton and Rio Tinto sign binding agreements on the iron ore production joint venture

    On 5 June 2009, BHP Billiton and Rio Tinto signed an agreement of core principles to establish a production joint venture covering the entirety of both companies’ Western Australian iron ore assets. The companies today signed binding agreements on the proposed JV that cover all aspects of how the joint