Vietnam Taps Russian Energy Giant for Strategic Oil Partnership

Vietnam's Prime Minister urged Russian oil firm Zarubezhneft to enhance their investments in Vietnam, focusing on oil exploration and long-term crude supply. The collaboration aims to strengthen ties in both oil and renewable energy sectors, including wind power projects.

Vietnam is seeking to deepen its energy ties with Russia as Prime Minister Pham Minh Chinh invited Russian oil and gas company Zarubezhneft to expand its investments in the Southeast Asian nation. The call for increased cooperation came during his visit to Moscow, where he urged the firm to explore new oil fields in Vietnam.

In a government statement released Wednesday, Chinh highlighted the importance of securing a steady supply of crude oil and natural gas from Zarubezhneft. He also emphasized the need for collaboration with state oil firm Petrovietnam on building crude oil storage facilities.

Zarubezhneft is a key player in Vietnam's energy sector through its joint venture, Vietsovpetro, the country's leading crude oil producer. Additionally, the Russian firm is eyeing a 1-gigawatt offshore wind power initiative in Vietnam, aligning with the country's energy diversification strategy.

(With inputs from agencies.)