Zarubezhneft has signed a MoU in the area of projects development in Vietnam

Zarubezhneft JSC, NOVATEK PJSC, Total Gas & Power Business Services S.A.S. and Siemens Aktiengesellschaft signed a Memorandum of understanding on cooperation in Vietnam on June 7, 2019, in Saint-Petersburg in the framework of the Saint-Petersburg international economic forum.

The Memorandum contemplates development of an integrated project for power generation using liquefied natural gas (LNG) in Vietnam.

Zarubezhneft has been successfully operating in Vietnam for more than 35 years and is currently aiming at diversifying its activities in the region including by means of entering new energy projects capable of generating added value and having synergy with the main business block. The company enjoys solid reputation of a reliable partner both at the Vietnamese market and among the Vietnamese governmental authorities, which is an important competitive advantage and an additional opportunity for successful business in the country.

For reference

Zarubezhneft JSC is a Russian oil and gas company of strategic importance. Since 1967 Zarubezhneft has been performing active operations in more than 30 countries of the world with application of various international cooperation forms accepted in global practice.

Vietnam remains the key business development region of Zarubezhneft JSC. Apart from the existing projects offshore Vietnam the Company has entered a number of new ones – PSAs for the Blocks 12/11, 09-3, 09-3/12, 09-2/09, as well as it considers additional opportunities including in the area of renewable energy. The first step in this direction was the signing of Agreement of cooperation in the area of renewable power sources development with T&T Group JSC in the framework of the formal visit of the Vietnamese Prime-Minister Nguyen Xuan Phuc to Moscow.