Russia and Vietnam sign framework deal on strategic oil storage
Russia's President Vladimir Putin and Vietnam's President To Lam attend a meeting in Moscow, Russia, Sept 9.
PHOTO: Reuters
MOSCOW — Russian state-owned oil and gas company Zarubezhneft signed a framework agreement with Vietnam's state energy firm Petrovietnam on co-operation in a project to set up a strategic oil reserve in Vietnam.
The agreement was signed during Vietnamese leader To Lam's state visit to Russia.
The companies did not disclose a timeline for the project or the size of any potential strategic oil reserve. Financial terms of the agreement were also not made public.
"The Russian side has proposed that its partners consider the idea of jointly establishing strategic fuel reserves in Vietnam," Russian President Vladimir Putin said in remarks after the talks.
Energy co-operation has been a key focus of ties between Moscow and Hanoi.
In March, Vietnamese Prime Minister Pham Minh Chinh urged Zarubezhneft to increase its investment in Vietnam and provide long-term crude oil supplies to the Southeast Asian country, according to the Vietnamese government.
In June, Russian Deputy Prime Minister Alexander Novak said Moscow was ready to support Vietnam in creating a strategic oil reserve.
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