Gazprom to acquire 49% stake in Dung Quat oil refinery
Gazprom to acquire 49% stake in Dung Quat oil refinery
Gazprom Neft (Russia) plans to buy a 49% stake of the Dung Quat oil refinery and expand cooperation with Petro Vietnam in the production and exploration of oil and gas, the company said on April 6.
When the upgrade is completed in 2022, Dung Quat oil refinery will be able to refine 8.5 million tons of crude oil per year (171 thousand barrels/day).
Energy cooperation has long been considered a symbol of Vietnam - Russia relations, starting with the construction of hydropower plants in Vietnam in the early '80s, followed by oil and gas joint venture Vietsovpetro and most recently the nuclear energy development cooperation plan.
In a statement, Gazprom Neft said that they have been empowered to negotiate with PetroVietnam to buy a 49% stake in the Binh Son oil refinery. However, they did not indicate a specific price and deadline acquisition.
On April 6, Gazprom Neft and PetroVietnam signed a memorandum of understanding to expand cooperation in the production and exploration of oil and gas and development of projects in the Pechora Sea in northwest Russia.
The signing was witnessed by Prime Minister Nguyen Tan Dung and Russian Prime Minister Dmitry Medvedev.
In October 2015, the two sides will announce a list of oil and gas fields for cooperation and the basic terms of this plan.
Russia currently helps Vietnam train staff for the construction of nuclear power plants, which are expected to start in 2020.
