The Deputy Prime Minister: A great untapped potential for Vietnam and Russia in energy cooperation

The Deputy Prime Minister greatly appreciates the operational achievements of the joint ventures between Russian Zarubezhneft and Vietnam Oil and Gas Group (Petrovietnam - PVN) in the previous year. These achievements have made a significant contribution to the economic ties between Vietnam and Russia. He anticipated that Zarubezhneft and PVN would present a practical proposal for expanding cooperation in the oil and gas sector, as advocated by the top-level officials of both nations.

As per the Deputy Prime Minister, the Government and the Prime Minister have recently provided close guidance to various levels and sectors in order to resolve challenges and obstacles. This includes making required changes to legal documents and eliminating needless procedures.

The Deputy Prime Minister emphasized the importance of involving ministries, sectors, Zarubezhneft, enterprises, and partners in the implementation and operation of investment projects, as well as new projects in Vietnam, in order to establish a comprehensive and trustworthy partnership between the two countries.

The Deputy Prime Minister anticipated that Zarubezhneft would prioritize investments in energy from renewable sources, specifically offshore wind power, as well as the generation of environmentally friendly fuels like green hydrogen and green ammonia. Additionally, the Deputy Prime Minister emphasized the need of utilizing the existing infrastructure and capabilities of the oil rig.

"Vietnam and Russia possess significant untapped potential for cooperation in the energy sector. Therefore, it is crucial for Zarubezhneft and PVN to prioritize investment, research, and the mastery of production technology for new green fuel derived from renewable energy sources. This is the crucial element for the global transition towards green direction," stated the Deputy Prime Minister.

Expressing appreciation to Deputy Prime Minister Sergey Kudryashov, Mr. Sergey Kudryashov provided a detailed account of the operations of Vietsovpetro and Rusvietpetro, which are joint ventures between Zarubezhneft and PVN. He also highlighted other oil and gas projects in Vietnam, emphasizing their substantial contribution to the bilateral trade exchange between the two countries.

The leader of Zarubezhneft presented several proposals to the Vietnam Government, recommending that the ministries and sectors be instructed to stay focused in their assistance in resolving obstacles and challenges, in order to establish an advantageous environment and streamline the operations and investments of foreign enterprises in Vietnam.