OREANDA-NEWS. On 27 March 2009 was announced, that from 1st to 4th of March working trip of the General director of Zarubezhneft JSC N.G. Brunich took place jointly with the delegation of the Accounts Chamber of the Russian Federation headed by S.V. Stepashin to the Socialist Republic of Vietnam.

In Hanoi N.G. Brunich took part in the final meeting of representatives of the Accounts chamber of the Russian Federation and the State Audit of Vietnam (SAV) based on the results of bilateral inspection of activity of Vietsovpetro JV for the 2005-2007 period.

As S.V. Stepashin underlined in his speech during the meeting such an audit took place for the first time ever and no disturbances in the work of JV were detected. He noted with satisfaction that for the financial period profit of Vietsovpetro JV exceeded USD 4 billion, around USD 2,2 billion for the Russian side and USD 2,2 billion – for the Vietnamese side.

Speaking to the participants the Chairman of the Accounts Chamber of the Russian Federation S.V. Stepashin and Vietnam`s Chief State Auditor Vuong Dinh Hue expressed shared opinion that Vietsovpetro JV is a profitable, economically effective enterprise today and it has good possibilities confirmed by Intergovernmental agreement of two countries. They also mentioned that Vietsovpetro JV achieved wide fame in the world oil and gas market, it is a shining example of cooperation of the states, and its long-term experience was worthily valuated by leading companies.

During his speech N.G. Brunich thanked representatives of the Accounts Chamber of the Russian Federation and of the State Audit of Vietnam for the hard work on auditing the joint venture and for appreciation of its activity. N.G. Brunich assured that all recommendations and proposals drafted during the audit will be taken into account in further work of Vietsovpetro.

Concerning today’s situation in the oil market the General director of Zarubezhneft JSC mentioned that economic crisis, low oil prices brought definite corrections into production plans of JV. Particularly the scope of exploration work was reduced and now for performance of these works funds are being attracted. At the same time the whole work schedule of the new Russian-Vietnamese joint venture Rusvietpetro which obtained licences for four blocks of Central Khoreyv Uplift in Nenets Autonomous Area is being carefully executed.

At the end of the meeting S.V.Stepashin and Vuong Dinh Hue signed the Joint audit report of Vietsovpetro JV.

Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Vietnam V.V. Serafimov and deputy General director of oil and gas corporation Petrovietnam Nguyen Tien Dung also took part in the meeting.

On 3rd of March, 2009 the Chairman of the Accounts Chamber S.V. Stepashin and the General director of Zarubezhneft JSC N.G. Brunich attended reception organized by the President of SRV Nguyen Minh Triet. During the reception N.G. Brunich handed a certificate of ownership of 49 % of the Rusvietpetro Joint Venture Company’s legal capital to Tran Ngoc Canh, General director of oil and gas corporation Petrovietnam. Speaking to the President of Vietnam leader of the Russian company mentioned that establishment of the “mirror” joint venture in Russia is a concrete implementation of tasks defined during the meeting of the Presidents of Russia and Vietnam in SRV in 2006. “The wide experience gained during 27 years of activity of Vietsovpetro JV will be used in implementation of projects on the territory of Russia” – said N.G. Brunich.

The President of SRV Nguyen Minh Triet thanked the heads of Zarubezhneft and Petrovietnam for their fruitful work for the benefit of the countries and wished further success in production activity.

During the visit to Vietnam delegation of the Accounts Chamber of the Russian Federation and the General director of Zarubezhneft JSC visited production complexes of Vietsovpetro JV including offshore mooring-buoy loading system Vietsovpetro-01. It is one of three tankers – oil storages used by the company. This system, able to accept through pipelines from producing platforms up to 150 000 tons of oil, provides service to the oilfield “White Tiger”.

During the meeting with management of offshore mooring-buoy loading system and short excursion exchange of opinions concerning production questions took place. Particularly the talk was about further strengthening of JV by Russian specialists. N.G. Brunich said that reorganization of Vietsovpetro after the year 2010 presupposes an increase of the number of Russian specialists. Today certain work is conducted in this direction.

S.V. Stepashin asked about working conditions, labour costs of the staff. He mentioned that these important questions should be controlled by executives.

Final stage of the trip of the Russian delegation to Vietnam was a visit to the building estate in Vungtau city where meeting and conversation with Russian specialists of Vietsovpetro JV took place.