Dung Quat Oil Refinery in the central province of Quang Ngai. Russia's Rosneft will annually provide six million tonnes of oil from 2014 to 2039 for the the refinery in Viet Nam. — Photo dantri.com.vn

HA NOI (Biz Hub) — Russian firm Rosneft will provide six million tonnes of oil annually via the Kozmino terminal during the 2014-39 period for the Dung Quat Oil Refinery in Viet Nam.

The Kozimo terminal is an oil pipeline extending from Eastern Siberia to the Pacific Ocean.

Russian President Vladimir Putin witnesses the signing ceremony of an agreement between Rosneft's president-cum-chairman of the management board Igor Sechin (right) and President Nguyen Xuan Son (left). — Photo courtesy of Russia's Presidential Press and Information Office.

According to a Rosneft press release on May 24, the major terms for the long-term oil supplies to the refinery, after the accomplishment of the final stage of its modernisation, were finalised in an agreement signed by its president-cum-chairman of the management board Igor Sechin and the Vietnam Oil and Gas Group (PetroVietnam) President Nguyen Xuan Son at the Saint Petersburg International Economic Forum. The signing ceremony was led by Russian President Vladimir Putin.

"PetroVietnam is one of the main Rosneft partners among the Asia-Oceania countries. Long-term contracts for oil supplies are a crucial phase in the development of cooperation between the two companies," said Sechin.

Rosneft is the leader in Russia's petroleum industry and the world's largest publicly traded petroleum company.

The firm operates in different fields, including hydrocarbon exploration and production, upstream offshore projects, hydrocarbon refining, and crude oil, gas and product marketing in Russia and abroad. — VNS