The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Fam Suan Shon, Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam to Russia.

The meeting participants addressed the status of cooperation between Russia and Vietnam in the oil and gas sector, placing an emphasis on issues related to joint production of hydrocarbons and the natural gas vehicles market development in Vietnam. Consideration was also given to the potential arrangement of liquefied natural gas supplies to Vietnam from the Vladivostok-LNG project.

Background

On December 15, 2009 Gazprom and Petrovietnam entered into the Agreement on Strategic Partnership. In line with the document, the parties will continue jointly operating in Vietnam's offshore blocks and studying further prospects for cooperation in vacant licensed blocks of the Republic. The Agreement also contemplates a pro-active interaction between Gazprom and Petrovietnam in oil and gas projects across Russia, Vietnam and third countries within Gazpromviet.

In October 2013 Gazprom and Petrovietnam launched commercial gas production from the Moc Tinh and Hai Thach fields located in licensed blocks 05.2 and 05.3 offshore Vietnam. The recoverable gas reserves of both fields stand at 35.9 billion cubic meters of gas and 15.2 million tons of gas condensate.

Gazprom and Petrovietnam are also engaged in exploration activities in blocks No. 112, 129, 130, 131 and 132 on the Vietnamese continental shelf. Gazprom Group is represented in these projects by Gazprom International – Gazprom's unified specialized company dealing with hydrocarbon exploration and production abroad.

On October 4, 2013 Gazprom and Petrovietnam signed the Agreement on the basic principles of the joint venture activities under a project for natural gas use as a vehicle fuel in the Republic of Vietnam. The document stipulates promoting the cooperation between the companies in converting public transport in Ho Chi Minh City to natural gas.

In July 2012 Gazprom Marketing & Trading Singapore and Petrovietnam Gas signed the Memorandum of Understanding for cooperation in the LNG supply sector.