GAZPROM & PETROVIETNAM FUTURE
The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Nguyen Xuan Son, Chairman of the PetroVietnam Oil and Gas Group (PVN) Board of Directors.
The parties addressed the future cooperation in the oil and gas sector. In particular, they touched upon the joint actions offshore Vietnam as well as within gas production projects in Russia. It was pointed out that the jointly developed Moc Tinh and Hai Thach fields located on the Vietnamese shelf would reach their full capacity by 2016 and would produce nearly two billion cubic meters of gas per year.
The meeting participants also discussed the prospects for cooperation in LNG supply from Gazprom's portfolio to Vietnam as well as boosting the partnership in the NGV sector in the Republic.
Special attention was given to the cooperation in the oil refining and supply businesses. In particular, the parties pointed out the positive dynamics of the talks on Gazprom's possible entry into the project for upgrading the Dung Quat oil refinery in Vietnam.
Gazprom and PetroVietnam Oil and Gas Group entered into the Agreement on Strategic Partnership in 2009. In line with the document, the parties will continue jointly operating in Vietnam's offshore blocks and studying further prospects for cooperation in vacant licensed blocks of the Republic. The Agreement also contemplates a pro-active interaction between Gazprom and PetroVietnam in oil and gas projects across Russia, Vietnam and third countries within Gazpromviet.
Vietgazprom, joint operating company of Gazprom and PetroVietnam, is engaged in exploration activities in blocks No. 112, 129, 130, 131, 132 located in the continental shelf of Vietnam. In October 2013 Gazprom and PetroVietnam launched commercial gas production from the Moc Tinh and Hai Thach fields of licensed blocks 05.2 and 05.3 offshore Vietnam.
In October 2013 Gazprom and PetroVietnam signed the Agreement on the basic principles of the joint venture activities under a project for natural gas use as a vehicle fuel in the Republic of Vietnam. The document stipulates promoting the cooperation between the companies in converting public transport in Ho Chi Minh City to natural gas.
Dung Quat, Vietnam's only oil refinery, has an output of 6.5 million tons per year.
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BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.