GAZPROM AND PETROVIETNAM COLLABORATION
May 16, 2016
Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Quoc Khanh, Chairman of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam), signed today in Moscow a number of documents to strengthen cooperation between the companies.
The signing ceremony was attended by Dmitry Medvedev, Prime Minister of the Russian Federation, and Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam (SRV).
The following documents were signed:
- the Memorandum of Understanding on the development of new oil and gas projects;
- the Memorandum of Understanding on power generation; and
- the Addendum to extend the Cooperation Agreement on personnel training.
According to the Memorandum of Understanding on the development of new oil and gas projects, the parties plan to examine further opportunities for mutually beneficial cooperation in the field of hydrocarbon prospecting, exploration and development. Among the opportunities being considered are joint activities within new projects at licensed blocks on the shelf of Vietnam and in third countries.
The Memorandum of Understanding on power generation reflects the intention of the signatories to explore the possibilities of joint projects for gas-based power generation within Vietnam. To achieve that goal, the parties plan to use gas from their joint projects offshore Vietnam and LNG from Gazprom Group's portfolio.
The Cooperation Agreement on personnel training was extended for five years under the Addendum.
"Together with PetroVietnam we successfully conduct hydrocarbon exploration and production, work on NGV projects, and implement staff training programs.
The documents signed today expand the scope of our collaboration. We plan to jointly deliver new oil and gas projects and cooperate in the power sector, thereby gradually enhancing our partnership," said Alexey Miller.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.