Gazprom Neft (Russia) has signed a series of agreement with Vietnam's national oil and gas company Petrovietnam (PVN) to extend their collaboration. The two companies will extend their collaboration on joint oil and gas exploration, production and development projects on the Pechora Sea shelf (at the Dolginskoye field and the Severo-Zapadnyi (North West) licensed block) in Russia. They will create a joint venture (stakes of each party to be negotiated) to form a list of priority oil and gas fields.
In Vietnam, Gazprom Neft could acquire a stake in the 130,000 bbl/d (6.5 Mt/year) Dung Quat refinery in Quang Ngai, that was commissioned in 2009. This follows a November 2013 agreement, under the terms of which the Russian company could acquire a 49% stake in the facility, which is owned and operated by Binh Son Refining and Petrochemical company. Gazprom Neft would participate to the modernisation and expansion of the refinery (from 6.5 Mt/year to 8.5 Mt/year) and to its upgrade to produce Euro-5 standard fuels.