Rosneft, PetroVietnam sign memorandum of understanding

Rosneft and PetroVietnam signed a memorandum of understanding (MoU) with regard to joint projects in Russia and Vietnam. The document was signed after a meeting between President Vladimir Putin and Vietnamese Prime Minister Nguyen Tan Dung on Wednesday, May 15. “As part of this cooperation we will implement joint projects in the Russian Federation as well,” Rosneft President Igor Sechin said. “Today I gave our colleagues from PetroVietnam proposals regarding cooperation at eight license areas in the Pechora Sea.” Sechin said Rosneft was also considering several production projects in Eastern Siberia, Yakutia, Irkutsk Region, and Krasnoyarsk Territory. Rosneft and PetroVietnam signed a production sharing agreement for the development of the offshore license area 0.5.3.11 in Vietnam. Igor Sechin said Rosneft would invest 27 million U.S. dollars in geological prospecting in the area before the end of the year. He also said that Rosneft has no plans to increase its investment programme.