Rosneft and Vietnam Oil and Gas Group (PVN) PetroVietnam have signed an agreement to expand cooperation in the area of hydrocarbon exploration and production (including offshore), processing, commerce and logistics, as well as staff training.

The deal will provide for the expansion of cooperation between both the companies in Russia, Vietnam and third countries.

Under the terms of the agreement, the companies will consider potential options to establish joint projects.

Rosneft management board chairman Igor Sechin said: "Successfully working with PetroVietnam in the exploration and production of hydrocarbons in Vietnamese offshore, Rosneft is interested in further expansion of its business in the country, including refining, petrochemicals, commerce and logistics.

"The new stage of cooperation will enable the company to get a new channel of marketing hydrocarbons in the Asia-Pacific market and create additional synergies due to refining in the region."

"We completely support Rosneft’s plans in Vietnam and welcome further development of cooperation between two companies."

PetroVietnam board of directors chairman Nguyen Quoc Khanh said: "We completely support Rosneft’s plans in Vietnam and welcome further development of cooperation between two companies."

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The companies are currently involved in the gas and condensate production and exploration project offshore Vietnam in Block 06.1.

Rosneft’s subsidiary Rosneft Vietnam is serving as the project operator.

The project is based on a production sharing agreement (PSA), which consists of two gas condensate fields including Lan Tay and Lan Do located 370km off the coast in the Nam Con Son basin.

Rosneft and PetroVietnam also have interests in the Nam Con Son pipeline that moves gas and condensate from the Nam Con Son offshore basin blocks to an onshore power generation facility.

Image: Rosneft and PetroVietnam expand cooperation deal. Photo: courtesy of Dmitry Astakhov/RIA Novosti.