On the afternoon of March 24 (local time), in Moscow, Prime Minister Pham Minh Chinh visited and held a working session with Zarubezhneft, one of Vietnam’s leading partners in the oil and gas sector.

Also attending the meeting were Deputy Prime Minister of the Russian Federation Alexander Novak, Deputy Prime Minister Bui Thanh Son, and members of the Vietnamese delegation.

As one of Vietnam’s key partners in oil and gas, Zarubezhneft has more than 40 years of cooperation with the Vietnam National Industry - Energy Group (Petrovietnam), through two joint ventures, Vietsovpetro in Vietnam and Rusvietpetro in Russia, in geological exploration and oil and gas production.

At the meeting, Zarubezhneft leaders reported to the Prime Minister on ongoing cooperation projects in Vietnam and Russia, as well as orientations for future collaboration. They affirmed that both sides have made great efforts to implement documents signed during the visit to Russia by Party General Secretary To Lam in May 2025, particularly those on extending timelines and expanding areas for oil and gas exploration and production in the Russian Federation and Vietnam.

Affirming the vast potential for energy cooperation between the two sides, Zarubezhneft leaders proposed expanding collaboration with Vietnamese partners into new areas, including the development of offshore wind energy, notably a 1GW offshore wind farm project, as well as joint projects in third countries.

Deputy Prime Minister Alexander Novak emphasized that energy cooperation is a pillar of bilateral relations, with enterprises playing a crucial role. He spoke highly of the agreements signed on this occasion, as well as the development and expansion of joint oil and gas ventures between the two countries, particularly the signing of an intergovernmental agreement on cooperation in the construction of a nuclear power plant.

The Deputy Prime Minister agreed with the views expressed by Prime Minister Chinh and affirmed that Russia would work with relevant agencies to further promote oil and gas and energy cooperation, contributing to the implementation of agreements reached by senior leaders of the two countries.

At the meeting, the Prime Minister highly appreciated the efforts and contributions of Zarubezhneft in cooperation on oil and gas exploration and production in Vietnam and the Russian Federation in recent years. He also thanked the Russian side for its investment, support and favorable conditions that have helped Vietnam’s oil and gas sector and Petrovietnam develop into a multinational group.

The Prime Minister affirmed that energy cooperation is a pillar of bilateral relations and carries a long-term vision of up to 100 years, representing a strategic issue for both countries.

He also commended the efforts of relevant parties in completing negotiations and signing protocols amending intergovernmental agreements on Vietsovpetro and Rusvietpetro, as well as an intergovernmental agreement on expanding operational areas for geological exploration and oil and gas production on Vietnam’s continental shelf and in the territory of the Russian Federation.

At the meeting, while witnessing the signing of specific contracts between enterprises, the Prime Minister welcomed and highly valued the efforts of all parties in finalizing negotiations and signing these documents, marking the successful implementation of the protocols and intergovernmental agreements on expanding operational areas in geological exploration and oil and gas production.

With the spirit of delivering tangible products and results, contributing to the exploitation of the seven layers of marine energy, the Prime Minister urged both sides to continue seeking solutions to strengthen cooperation, accelerate implementation and enhance efficiency, while actively participating in the restructuring of the global oil and gas industry.

Specifically, the Prime Minister proposed that Zarubezhneft coordinate with Petrovietnam to further study and expand investment in new oil and gas exploration and production projects in Vietnam and Russia, ensuring compliance with the laws of both countries and harmonizing interests and investment efficiency.

Regarding the proposal to supply oil, gas and petroleum products to Vietnam on a long-term and stable basis, and to build oil storage systems in Vietnam, the Prime Minister suggested that Zarubezhneft work with Petrovietnam and Vietnamese enterprises to develop projects in line with legal regulations, strategies and the national energy development plan, and report to competent authorities as prescribed.

The Prime Minister also welcomed Zarubezhneft’s proposal to implement an offshore wind energy development program in Vietnam, and requested that the company and its Russian partners closely coordinate with Petrovietnam and Vietsovpetro to further refine proposals for submission to competent authorities of both countries for consideration and decision.

Agreeing with and welcoming oil and gas cooperation between Vietnam and Russia in third countries, the Prime Minister proposed several potential partner countries and urged relevant parties to promptly exchange views and soon implement these activities.

At the meeting, both sides also discussed a number of specific issues to promote the implementation of cooperation projects.