Vietsovpetro contributes greatly to Vietnam-Russia ties: Russian diplomat

Tuesday, Aug 03, 2021 16:27

Oil and gas drilling rigs of Vietsovpetro at Bach Ho field. — VNA/VNS Photo

Russian Ambassador to Vietnam Gennady Bezdetko has published an article on the occasion of the Viet Nam – Russia oil and gas joint venture Vietsovpetro celebrating its 40th founding anniversary and 35 years since it began oil and gas exploitation, praising the firm's significant contributions to the nations’ comprehensive strategic partnership.

The article emphasised that the establishment of joint actions between Russia and Viet Nam in the oil and gas field was one of the glorious pages in the history of their bilateral relations. It affirmed during the past four decades, the joint venture had led Viet Nam – Russia cooperation in the energy sector, contributing greatly to strengthening the countries’ economic and trade ties.

In 1988, Vietsovpetro pumped up the first tonnes of crude oil from the basement on the continental shelf in Bach Ho field, which was a milestone for the development of Viet Nam’s oil and gas sector.

The Russian diplomat reviewed the joint venture’s key activities in the past time, stating that it had contributed to ensuring Viet Nam’s energy security and budget revenue, creating jobs, and promoting the growth of supporting industries and scientific areas.

The article affirmed that in terms of economic efficiency, Vietsovpetro was holding a deserving position not only in the Vietnamese market but also in the world. Over the past 35 years, the firm exploited more than 240 million tonnes of oil and gas. As of March this year, its revenue from oil and gas sales amounted to US$86.7 billion, with $52.6 billion contributed to the State budget.

Its efficient management and smooth production process had allowed Vietsovpetro to operate sustainably even in the midst of the COVID-19 pandemic. In 2020, its volume of oil extracted stood at 3.4 million tonnes, 9 per cent higher than the yearly target. About 1.2 billion cu.m of gas had been brought ashore, reeling in $1.14 billion in revenue.

The joint venture with a workforce of about 8,000 now was still among the most important in the Viet Nam - Russia coordination and was making great contributions to strengthening their comprehensive strategic partnership, Bezdetko said.

Its achievements were a clear affirmation of meticulous and selfless works by Russian and Vietnamese experts as well as of the friendship and mutually beneficial cooperation between the two nations, concluded the diplomat. — VNS

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