Русский
Russian Deputy Prime Minister Alexander Novak has discussed the prospects for bilateral cooperation on a wide range of issues with Vietnamese Prime Minister Pham Minh Chinh, including in the fuel and energy sectors and in the financial, banking, and investment spheres, according to the Russian government’s press service.
These develop the agreements between Russian President Vladimir Putin and General Secretary of the Vietnamese Communist Party Central Committee To Lam, with documents signed between Russia’s Zarubezhneft and Vietnam’s PetroVietnam State Group to expand cooperation between the two companies in both Russia and Vietnam.
In May 2025, Russia and Vietnam agreed to advance new oil and gas projects, including supplies and refining of oil and liquefied natural gas (LNG) from Russia to Vietnam.
The Russian government approved a number of draft agreements on expanding cooperation in the oil and gas sector with Vietnam. In particular, the documents provide for the transfer to PetroVietnam of a 35% stake in the Kharyaga PSA by 2027 and for Zarubezhneft to receive 49% in a future PSA for developing blocks 01/17 and 02/17 on Vietnam’s shelf. Additionally, it was proposed that the operations of Vietsovpetro, a joint venture between the two state companies, be extended until the end of 2050.
Vietnam has been actively inviting Russian companies to engage in the development of the Dung Quat oil refinery (pictured, controlled by PetroVietnam through Binh Son Refining and Petrochemical Company) and has stated its readiness to sell a 49% stake in it. Gazprom Neft came closest to a deal, even signing framework documents in 2015 on the possibility of entering the project, but later withdrew from the deal, assessing that without sufficient tax incentives, investments in the refinery would be unprofitable. In the summer of 2022, representatives of Zarubezhneft and Gazprom Neft visited Dung Quat to explore opportunities for cooperation in the oil and gas sector. It appears these are now becoming closer to being realized.
