PetroVietnam fortifies investment partnership with top Russian energy cos

PetroVietnam's oil rig. Visual from the company website

Vietnam’s oil and gas titan, PetroVietnam, has been negotiating with Russia’s leading energy corporations to bolster investment between companies in the two countries during PetroVietnam’s trip to Russia during June 18 to 20.

It’s Russian partners include, Gazprom, Gazprom Neft and Rosneft, the Vietnam News Agency correspondents in Russia reported.

The meeting took place in the framework of the Saint Petersburg International Economic Forum 2015.

Alexey Miller, CEO of Gazprom, the world’s leading extractor of natural gas, reportedly said that his company and the Vietnamese partner have discussed deeper cooperation in the oil sector, including the expansion of the Dung Quat refinery in central Vietnam, as well as the collaboration in electricity generation, vehicle fuel and providing liquefied natural gas for Vietnam.

The Vietgazprom joint venture between these two utilities, established in 2008, is exploiting blocks 112, 129, 130, 131 and 132 offshore Vietnam. In 2013, it began commercial exploitation of the Moc Tinh and Hai Thach gas fields, which are located at blocks 05-2 and 05-3 in Nam Con Son basin. The recoverable gas reserves of the basin is 35.9 billion cubic metres, and condensates reach 15.2 million tonnes.

In addition, PetroVietnam and Gazprom have reached an agreement on fundamental conditions for the exploitation project in the Nagumanovsky and Northern Purpovsk oil fields in Russia.

Meanwhile, PetroVietnam and Rosneft have also consented to developing further partnership for mutual projects in Vietnam.

DEALSTREETASIA had earlier reported that Gazprom Neft, Russia’s fourth largest oil producer, will buy a 49 per cent stake in the Dung Quat refinery, which is Vietnam’s first oil processing facility. The deal is part of Gazprom’s energy pact signed with PetroVietnam in 2013.

Rosneft was also one of the negotiators for the stake in the Binh Son Refinery and Petrochemical Co Ltd, the owner of the refinery.

Most recently on June 17, the Vietnamese energy giant announced to take over three Chevron upstream assets in Vietnam, including the Chevron Vietnam (Block B) Co Ltd, Chevron Vietnam (Block 52) Co Ltd and Chevron Southwest Vietnam Pipeline Co Ltd.

Also read:

Russia’s Gazprom Neft to buy 49% in Vietnamese Refinery

PetroVietnam acquires 3 US Chevron’s subsidiaries in Vietnam

Vietnam’s power giant ties up with Black & Veatch for expansion of $1b power plant

BP to transfer Phu My 3 stake to SembCorp

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.