Vietsovpetro to become limited company

The government has given the green light to the Vietnam-Russian oil and gas joint-venture (Vietsovpetro) to become a two-member limited company.

At a recent meeting with the leaders of the joint venture and the Vietnam Oil and Gas Group (PetroVietnam), Minister of Industry and Trade Vu Huy Hoang urged them to complete preparations for Vietsovpetro’s transformation after 2010 in accordance with the two government’s agreement.

Vietsovpetro was founded in November 1981 with each side contributing 50 percent of the total investment capital of 1.5 billion USD.

The joint venture now is exploiting oil fields offshore of the East Sea such as Bach Ho (White Tiger), Mo Rong (Dragon) and Gau Lon (Big Bear).

Vietsovpetro is now accelerating negotiations for signing contracts for four oil and gas lots at the Nenetsia autonomous region in Russia in 2008 and targeting other lots in the Russian Federation , the Commonwealth of Independent States (CIS) and third countries.

Every year, the joint venture contributes 80 percent of Vietnam’s crude oil volume for exports.

VNA

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