Zarubezhneft Gets Stake in Vietnamese Offshore Block

Russia and Vietnam have signed an agreement under which Zarubezhneft has been awarded a 30% stake in the oil and gas Block 09-2/09 offshore Vietnam, the Russian company said May 22.

The agreement says that interests of the project participants shall be as follows: Vietsovpetro 40% (operator), Zarubezhneft 30% and Petrovietnam Exploration Production Corporation (PVEP) 30%. The volume of investments under this project shall amount to more than $650mn, Zarubezhneft said.

Zarubezhneft and PVEP Corporation have also agreed on further cooperation in the area of joint implementation of oil and gas projects in Russia, Vietnam and third countries.

The Russian company also signed an agreement with another Vietnamese firm, T&T Group, to develop solar and wind power projects as well as participation in the LPG terminal construction.