PetroVietnam joins Russian oil field venture

12/05/2008 -- 4:34 PM

Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) will this week join the Russian oil group Zarubezneft to set up joint venture to tap an oil field in Russia . Director of PetroVietnam International Relations Board Vu Khanh Truong said PetroVietnam will contribute 49 percent of capital and the Russian side, 51 percent, to the joint venture. PetroVietnam also indicated that the group plans to invest in another oil field abroad from now till the end of this year. In the first quarter of the year, the group signed three contracts with Laos , Tunisia and Iran to exploit oil and gas abroad. In addition, it is negotiating for a project in Algeria with a view to turning out products by 2010.-Enditem
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