Rosneft and Vietnam Oil and Gas Group (hereinafter referred to as PetroVietnam) signed Agreement on basic terms for geological survey, hydrocarbon exploration and production in the Pechora Sea. The agreement was signed by Igor Sechin, Rosneft President and Chairman of the Management Board, and Dr. Do Van Hau, President and CEO of PetroVietnam. The parties also signed the Memorandum of understanding for Rosneft potential acquisition of a stake in the Production sharing agreement (PSA) for the Block 15-1/05 in the Vietnamese offshore area.
The documents were signed in the presence of the Russian President Vladimir Putin and Vietnamese President Truong Tan Sang as part of an official visit of the Russian President to the Socialist Republic of Vietnam.
As part of the visit Igor Sechin also held a working meeting with PetroVietnamís top management, at which the parties discussed cooperation between the companies in the energy industry and prospects to expand cooperation in the joint projects in Vietnam and Russia.