OREANDA-NEWS. On 18 July 2008 was announced, that Zarubezhneft JSC was visited by delegation from Socialist Republic of Vietnam headed by the member of Politburo, Permanent Secretary of the Communist Party of Vietnam Chyong Tan Shang who paid a working visit.

During the meeting with the company management there was held discussion concerning cooperation in the field of oil production. Especially it was mentioned, that the first oil-production joint venture Vietsovpetro has achieved great success offshore Vietnam for more than 25-years work period. Today it is a powerful industrial technological complex, able to solve the most difficult aspects of hydrocarbon production system.

Addressing the participants of the meeting, General director of Zarubezhneft JSC underlined that experience in field development saved up in the course of the years of teamwork enables to participate in new projects, and, first of all, it concerns the project in Nenets Autonomous Area. For realization of this project joint venture Rusvietpetro is being formed now. The founders of the company are JSC Zarubezhneft and Petrovietnam.

Accumulated experience in field development offshore Vietnam allows in prospect JSC Zarubezhneft and Petrovietnam to participate jointly in license program of development of Russian offshore fields and, probably, offshore Barents Sea.

Nothing hinders today both parties to participate as equal partners in projects in the third countries. This direction can become one of the main trends in our companies`s strategy.

Mr. Brunich noted that during the visit of the President of the Russian Federation to Vietnam in 2006 there was reached an agreement about continuation of teamwork on the basis of reorganized JV Vietsovpetro after the date of expiry of the Intergovernmental agreement in 2010. It will be a new stage in cooperation between our companies and countries as well.

High professionalism of experts, successful solution of complicated scientific, technical and technological problems in development of the fields "White Tiger" (Bach Ho) and "Dragon" (Rong) will provide profitable development of these fields at least till 2024.

Mr. Brunich thanked in the name of the attending representatives of Vietnam everyone who stimulates strengthening and development of cooperation in the field of oil extracting, expressed satisfaction with understanding by the Vietnamese partners of industrial problems and wished them further perfection of mutual relations.

In return Chyong Tan Shang expressed his gratitude to the Russian state and Zarubezhneft for help to Vietnam in the field of extraction of hydrocarbons. He stressed that JV Vietsovpetro exemplifies cooperation of the two countries and also is a good example for other investors, willing to work in Socialist Republic of Vietnam. The State is ready to create worthy conditions for future work on its territory for either Zarubezhneft or other companies of the Russian Federation.

Chyong Tan Shang expressed his hope that longstanding cooperation of Petrovietnam and Zarubezhneft will allow successfully realize joint projects in Vietnam, Russia and third countries.