“The agreement was signed during Vietnamese Prime Minister Pham Minh Chinh’s visit to Russia, according to a statement on the government’s website, which did not specify when construction will begin. During the trip, Russia’s largest LNG producer Novatek also signed a preliminary deal to supply Vietnam, news website Tass reported Monday.”
“It’s also been seeking help from partners including Japan, South Korea, Angola and Algeria to diversify crude oil sources. Vietnam has two domestic refineries that provide around 70% of its domestic needs; however more than 80% of the crude oil it imports comes from Middle East.”
“Vietnam and Russia have extensive energy cooperation ties going back decades, including joint ventures between PetroVietnam and Russian state-owned firms including Zarubezhneft and Gazprom. Vietsovpetro, a JV formed between the Southeast Asian country and the Soviet Union in 1981 has drilled 36 wells in Vietnam in the past five years.”
During Party Chief To Lam’s visit to Moscow last year, the two countries agreed to expand cooperation on geological exploration and oil and gas production on the Vietnamese continental shelf and in Russia.”