Vietnam - Russia promote major oil and gas projects

On June 10, in Hanoi, Mr. Vuong Dinh Hue, member of the Party Central Committee, Head of the Central Economic Commission, had a meeting with the working delegation of the Ministry of Energy of the Russian Federation (FR) led by Deputy Minister Yury P. Sentyurin. Accompanying the delegation were Chairman of the GazProm Ayukov and several major Russian oil and gas companies.

Referring to the possibility of energy cooperation between Russia and Vietnam, the Head of the Central Economic Committee said that Vietnam is building a strategy for energy development in general and oil and gas in particular with the goal of not only serving the domestic energy industry but also with a potential continental shelf and the advantage of having many deep-water ports, Vietnam strives to become a regional petrochemical refining center.

In addition to the Long Son and Nghi Son petrochemical refineries, Vietnam is considering developing other projects, most recently upgrading the Dung Quat petrochemical refinery project with a capacity of 8-9 million tons/year, twice the current capacity. Vietnam welcomes GazProm and other major Russian oil and gas companies to continue investing in Vietnam.

Deputy Minister of Energy of the Russian Federation Sentyurin said that the working delegation of the Ministry of Energy and Oil and Gas of the Russian Federation has a working program with the Ministry of Industry and Trade of Vietnam and the Vietnam National Oil and Gas Group regarding the project to upgrade the Dung Quat Oil Refinery and consider a number of other important energy projects.

Mr. Sentyurin said that Russia's new foreign policy is to turn to the East, including energy policy, so this is a great opportunity to exploit the potential strengths of the two countries, which are oil and gas. And the Russian Federation is also turning that policy into reality. The Vietnam - Russia Intergovernmental Committee has set priority targets on energy projects, including the project to upgrade the Dung Quat oil refinery.

The Head of the Central Economic Commission emphasized: the potential for cooperation between the two sides in energy and oil and gas is huge. Vietnam is interested in developing upstream and downstream industries, including the petrochemical refining, processing and distribution system. Therefore, Vietnam welcomes international oil and gas corporations, including those of the Russian Federation, to cooperate in exploiting on Vietnam's continental shelf, in accordance with international law as well as the 1982 Convention on the Law of the Sea.

Vietnam is always committed to protecting the legitimate rights and interests of investors doing business in Vietnam. The Central Economic Commission, with its function as the final appraisal agency for important projects, including energy and oil and gas projects, will make an important contribution to turning economic cooperation programs in general and energy and oil and gas cooperation projects in particular between the two countries into reality, contributing to the development of the two peoples.

According to Vietnamnet