Vietnam, Russia sign long-term oil supply deal

Russia-based petroleum company, Rosneft, and the PetroVietnam Oil Corporation (PV Oil) signed a long-term oil supply deal at the 20th International Economic Forum in Saint Peterburg, Russia on June 16.

Russia-based petroleum company, Rosneft, and the PetroVietnam Oil Corporation (PV Oil) signed a long-term oil supply deal on June 16. (Photo: VNA)

According to the contract, Rosneft will provide up to 96 million tonnes of oil to PV Oil, a subsidiary of PetroVietnam Oil and Gas Group, by 2040.

The contract was signed by Rosneft Chief Executive Officer Igor Sechin and PV Oil Vice President Vo Khanh Hung.

The agreement was part of Rosneft’s strategy to expand its cooperation with partners in the Asia-Pacific region.

Speaking at the signing ceremony, Igor Sechin said, “Thanks to the reached agreements, Rosneft will establish itself as a leading provider of energy resources in one of the most dynamically developing economies of the Asia-Pacific region.”

“Long term the agreement will allow Rosneft to both enhance the economic efficiency of the supplies and have an additional stablising impact on the global commodity market.”

Source: VNA

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