Russia and Vietnam to extend oil joint venture investment

Jul 19, 2000 02:00 AM

Russia and Vietnam had agreed to up to $ 1 bn from the original $ 800 mm their total investment in the Vietros joint venture, set up to build an oil refinery in Vietnam, Russian Deputy Prime Minister Viktor Khristenko said. He said Russia and Vietnam had also agreed to extend an agreement on the operation of their oil joint venture Vietsovpetro.
Russia and Vietnam hold equal stakes in Vietros. Vietsovpetro was set up in 1985 by Russia's Zarubezhneft and Vietnamese state oil company Petrovietnam. The parties hold equal 50 % stakes in the upstream project to develop the Vietnamese offshore oil bloc White Tiger.
Khristenko also said a number of other agreements relating to Russian-Vietnamese energy projects had been reached during his visit to Hanoi.

Source: Bridge News via Newspage
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