Vietnam, Russia Sign Production, Exploration Deals

Vietnam, Russia Sign Production, Exploration Deals

HANOI - Vietnam and Russia have signed deals for three oil and gas projects during Prime Minister Nguyen Tan Dung's visit to Moscow, the Vietnamese government said in a statement late Tuesday. 

State-run Petrovietnam signed an agreement on the production and use of natural gas with Gazprom OAO and a letter of intention on petrochemical and oil exploration with Gazprom Neft. 

Petrovietnam also signed an agreement with Zarubezhneft to set up a drilling joint venture in Russia, the statement said. 

The governments of Vietnam and Russia have pledged to create favourable conditions for their oil joint ventures, and encourage the companies to expand operations in the two countries as well as in other countries, it added. 

The two countries target bilateral trade to reach $7 billion by 2015 and $10 billion by 2020, from nearly $3 billion in 2012.

Copyright (c) 2012 Dow Jones & Company, Inc.

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