Vietnam seeks Russian oil deal
Source: 02-OCT-2008 Intellasia | Reuters
Oct 2, 2008 - 7:00:00 AM PetroVietnam, the state-owned Vietnamese oil company, is seeking government approval to invest US$614 million in an joint venture with the Russian oil company Zarubezhneft to tap crude oil in the Nenet region of Russia, according to a report in a state-run newspaper, The Vietnam Investment Review.

The newspaper quoted the Ministry of Planning and Investment as saying that PetroVietnam would have a 49% stake in the US$1.25 billion joint venture, which would explore four oil blocks in Nenet.

The project, which would have a life span of 25 years, is expected to start producing oil in 2011, with peak production scheduled to reach 6.4 million tonnes of crude oil a year by 2020.