On the afternoon of November 27, Prime Minister Pham Minh Chinh hosted a reception for Sergei Kudryashov, General Director of the Russian company Zarubezhneft, who is paying a working visit to Vietnam.

Welcoming General Director Sergei Kudryashov to Vietnam, Prime Minister Pham Minh Chinh affirmed that Vietnam always considers oil and gas cooperation a key pillar of the Vietnam - Russia Comprehensive Strategic Partnership. He emphasized the crucial role of the traditional and trusted cooperation between Petrovietnam and Zarubezhneft in this relationship.

Expressing gratitude to Russia for its steadfast support during Vietnam’s struggle for national independence and its development process, the Prime Minister noted that joint projects between Petrovietnam and Zarubezhneft not only bring economic efficiency but also bolster strategic trust, enhance energy security, and contribute to workforce training and technological capacity building for Vietnam. The Vietnamese Government consistently pays attention to and supports the Vietsovpetro and Rusvietpetro joint ventures, as evidenced by numerous Inter-governmental Agreements and Protocols facilitating their operations.

Affirming the Government’s support for Petrovietnam and Zarubezhneft to research and expand investments based on efficiency, the harmonization of interests, and compliance with Vietnamese law, the Prime Minister urged both sides to continue exchanges to find measures to further improve joint venture operations. He also requested the timely resolution of any obstacles arising during cooperation in a constructive and friendly spirit.

Expressing appreciation to the Prime Minister for the reception, Zarubezhneft General Director Sergei Kudryashov agreed highly with the Prime Minister’s remarks. He also shared his sympathies regarding the losses suffered by the Vietnamese people due to recent natural disasters and floods.

Reporting on the cooperation results between Zarubezhneft and Petrovietnam, General Director Sergei Kudryashov stated that alongside expanding oil and gas projects with Petrovietnam, the company aims to diversify its cooperation into other sectors such as energy and minerals, notably expressing a desire to establish an energy hub in Vietnam.

Prime Minister Pham Minh Chinh welcomed Zarubezhneft’s interest in participating in new energy and oil & gas projects beyond the scope of the Vietsovpetro joint venture. He affirmed that Vietnam always creates favorable conditions for Russian oil and gas companies, including Zarubezhneft, to operate in the country. He further noted that Vietnamese ministries and agencies are currently reviewing proposals from Petrovietnam and Zarubezhneft to facilitate the operational expansion of the Vietsovpetro and Rusvietpetro joint ventures in both Vietnam and Russia.

Expressing confidence that with the determination of both nations' leadership and the efforts of their businesses, oil and gas cooperation will continue to thrive and bring practical benefits to the people of both countries, the Prime Minister requested both sides actively implement signed documents and maintain regular working mechanisms to resolve difficulties and accelerate projects.

Prime Minister Pham Minh Chinh proposed that Zarubezhneft continue to support and facilitate Rusvietpetro’s operations in Russia, potentially by expanding its operating areas and acquiring new oil fields and potential blocks to maximize existing infrastructure, technology, and personnel, while improving logistics and tax conditions where necessary. He also urged for the enhancement of Vietsovpetro’s efficiency, ensuring reasonable output levels and investing in exploration at new potential blocks.

The Prime Minister called for promoted cooperation in LNG, LNG supply chains, and terminals; technology transfer for exploiting depleted fields, deep-water drilling, and complex drilling; and the consideration of cooperation in renewable energy, hydrogen, new materials, and high-quality human resource training for Vietnam. Notably, he suggested both sides study joint investment and the deployment of oil and gas services in third countries.