Russia plans to increase oil production to 540 million tonnes (10.8 million bpd) or more this year, from 534 million tonnes in 2015.

Pertamina seeks a 51% stake in the venture to build a crude-oil refinery and petrochemical plants in eastern Java, with Russian state-controlled oil major Rosneft taking the remainder, Pertamina executives and Indonesian officials said. The refinery will be capable of processing 320,000 barrels of oil a day, and the complex will require $13 billion to $14 billion in investment, they said.

China's crude oil imports from Russia surged 52.4 percent in April from a year earlier to reach a record 1.17 million barrels per day (bpd), customs data showed on Monday, ahead of the previous record of 1.13 million bpd in December.

China is Russia’s biggest single trade partner, with its share rising to 12.8 percent from 12 percent in 2015. Even so, the overall turnover of goods fell by 26 percent last year to $68.1 billion. That means the countries are far off reaching their target of $100 billion in trade.

Socar President Rovnag Abdullaev disclosed last week that Azerbaijan was in the process of negotiating an agreement under which it would purchase 3-5bn m³/yr of gas from Gazprom.

Perhaps the biggest hurdle is Russia’s business climate. While frequently fodder for criticism, there’s progress. Russia has surged by 61 spots in the World Bank’s Ease of Doing Business Index since 2013 to 51st this year.

The agreement provides for the expansion of cooperation between the parties in Russia, Vietnam and third countries in the area of hydrocarbon exploration and production (including offshore), processing, commerce and logistics, as well as staff training. The parties agreed to consider potential options for joint projects and define the basic terms of cooperation as well as establish a working group for each of the areas of cooperation.

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.

Russia’s economy is closer to growth than at any time since it slid into recession and central bank Governor Elvira Nabiullina is focusing on what she says are “positive signals.”

Several Russian officials say the government is considering raising income-tax levels and increasing value-added tax but that any changes would only take place after 2018—a presidential election year.