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Gazprom, Petrovietnam extend JV

April 6, 2015

Gazprom Neft and Petrovietnam signed a series of agreements to extend their collaboration activity on the Pechora Sea shelf.

The Dolginskoye field. From Gazprom Neft.
 

The joint oil and gas exploration, production and development projects will be at the Dolginskoye field and the northwest Severo-Zapadnyi licensed block. The two parties have agreed to create a dedicated working group of experts from both companies.

By the end of October 2015, Gazprom Neft and Petrovietnam will form a list of priority oil and gas fields and agree the basic terms of the partnership before further agreements are signed. The projects will be implemented via joint ventures of Gazprom Neft and Petrovietnam, in which the stakes of each party will be negotiated.

In addition to the agreement, a document was signed outlining key provisions of an agreement allowing Gazprom Neft to acquire a share in the Vietnamese Dung Quat refinery onshore Vietnam. During the period set out by the agreement, Gazprom Neft will have exclusive rights to negotiate with Petrovietnam on acquiring its shares in the refinery.

In accordance with the agreement previously concluded between Gazprom Neft and Petrovietnam, Gazprom Neft plans to acquire a 49% stake in the plant which is owned and operated by Binh Son Refining and Petrochemical company. Plans to modernize the Dung Quat refinery will increase capacity from the existing 6.5 million tonne to 8.5 million tonne per year, and improve the efficiency of its technological processes enabling the plant to switch over to producing Euro-5 standard motor fuels. Gazprom Neft’s share of investment in the modernization project will be proportionate to its share in the plant.



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