PetroVietnam and TNK-BP sign oil and gas MoU

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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Vietnam receives first crude from Azerbaijan

First oil tanker, carrying crude oil from Azerbaijan, reached Vietnam's Thanh Bay on Wednesday 11th August. The crude will be refined in a Dung Quat oil refinery in the province of Quang Ngai.

It is the first consignemt of crude oil under a deal signed by the Vietnam oil and gas group, PetroVietnam, State Oil Company of Azerbaijan Republic (SOCAR) and the BP Group.

According to the agreement, SOCAR will supply Dung Quat refinery with 65,000 barrels of oil in the month of August, and BP will export the same volume of crude. The imported crude will be mixed with oil produced in the Bach Ho field in southern Vietnam during the refining process.

Source: Vietnam News

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