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Monday, November 20, 2006

Russia's Gazprom, Petrovietnam, plan gas export cooperation

HANOI, November 20 (RIA Novosti) - Gazprom [RTS: GAZP] plans to cooperate with Vietnamese oil and gas company Petrovietnam in geological prospecting and natural gas production, and in exporting the southeast Asian state's gas to third countries, the Russian energy giant's chief said Monday. A Russian delegation, including the president, the foreign minister, and business leaders, is staying in Hanoi for an extra day following the Asia-Pacific Economic Cooperation summit held on the weekend. The presidents' talks earlier Monday focused on energy cooperation. Alexei Miller said, "Gazprom is already working in Vietnam. We are conducting geological prospecting of [natural gas] deposits." Officially known as Vietnam Oil and Gas Corporation, Petrovietnam has developed rapidly since it was established three decades ago, and its activities now cover operations from oil and gas exploration and production to storage, processing, transportation, distribution, and services. Commenting on a cooperation agreement between the Russian and Vietnamese energy companies, Miller said the document covers many areas including gas prospecting and production, as well developing the Vietnam's gas transport and storage system.

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