OREANDA-NEWS. Alexey Miller, Chairman of the Gazprom Management Committee and Nguyen Xuan Son, Chairman of the PetroVietnam Oil and Gas Group (PVN) Board of Directors signed in Sochi a Framework Agreement on joint development of the Nagumanovskoye (Orenburg Region) and Severo-Purovskoye (Yamal-Nenets Autonomous Area) fields.

The signing ceremony took place in the presence of Vladimir Putin, President of Russia and Nguyen Phu Trong, General Secretary of the Communist Party of Vietnam Central Committee.

The document outlines the main terms for the projects' implementation, in particular, the timeline for decision-making to start the development operations, a marketing concept as well as general principles of price setting and project financing. The Gazpromviet joint company (Gazprom holds a 51 per cent stake and Petrovietnam - a 49 per cent stake) will be responsible for the implementation of the Agreement.

"Gazprom stays focused on developing the long-term strategic relationship with Vietnam. We are successful in joint gas production from the Republic's shelf; we are also engaged in oil refining projects as well as develop the NGV sector in Vietnam. Today's Agreement will reinforce our partnership in gas production on the Russian territory. It is for the first time when a company from Asia-Pacific acts as a business partner and co-investor of Gazprom's promising fields in Russia," said Alexey Miller.