Tuesday, 21 September 2010

TNK-BP and PetroVietnam sign blend oil supply agreement

TNK-BP has signed a long term co-operation agreement with PetroVietnam to supply Russian ESPO crude oil to Vietnam. The first shipment of 100,000 tonnes is expected to reach Hanoi in November 2010.

The ESPO oil blend will be supplied via the East Siberia – Pacific Ocean (ESPO) pipeline and loaded for export in the port of Kozmino, the oil comes from the Verkhnechonskoe field in the Irkutsk region. The agreement with PetroVietnam is part of TNK-BP's plan to develop and expand its trading operations on an international scale.

“The signing of this contract to supply oil to Vietnam is a first and important step towards broad-based cooperation between TNK-BP and PetroVietnam. We are committed to establishing a long-term presence in Vietnam and to pursuing joint projects in the upstream and refining sectors”, said TNK-BP's deputy chairman Maxim Barsky.

To find out more about TNK-BP please visit TNK-BP's web site, which you can find here.

For more news and expert analysis about Vietnam, please see Vietnam Focus.

© 2010 Menas Associates

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