PetroVietnam has signed a memorandum of understanding (MoU) on oil and gas co-operation with Russia's TNK-BP. The pact will enable the two countries to set up an exploration and production venture in Russia.
TNK-BP is expected to develop plans to expand Vietnam's Dung Quat oil refinery. The country's national press has said that Deputy Prime Minister, Hoang Trung Hai, has approved plans to raise the refinery's capacity to 10 million tonnes of crude oil a year, or 200,800 b/d, from the current of 6.5 million tonnes.
TNK-BP is also expected to supply crude oil to PetroVietnam, or its trading arm, PV Oil, once the two countries start co-operation.
Source: Dow Jones
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