Leading Russian energy group Gazprom and leading Vietnamese oil and gas group PetroVietnam have reached an agreement on operating and developing Vietnam’s Dung Quat oil refinery.

The agreement was reached during a recent meeting between Gazprom’s deputy chief executive Vitaly Markelov and PetroVietnam’s CEO Do van Hau.

Both sides said the pooling of their resources would exponentially increase the prospects for success in the competitive market, enhancing the operational efficiency and capacity of the refinery.

They also noted potential cooperation in the exploitation of oil fields in Vietnam’s continental shelf and the development of natural gas vehicle (NGV) and discussed the possibility that Russia will provide Vietnam with liquefied natural gas (LNG).

Earlier this year, Gazprom Neft, one of the leading oil producers in Russia, said it was concluding a deal with PetroVietnam to acquire a stake at the Dung Quat oil refinery and modernise the plant.

VOV/VNN