Russia, Vietnam interested in expanding operations in oil and gas sector - joint statement

MOSCOW. June 20 (Interfax) - Russia and Vietnam support the creation of favorable conditions for mutually expanding the operations of the two countries' oil and gas companies, according to a joint statement on further deepening comprehensive strategic partnership following the Russian-Vietnamese summit.

"The sides support creating favorable conditions for expanding the work of Russian oil and gas companies on the continental shelf of Vietnam and Vietnamese oil and gas companies on Russian territory in accordance with Russian and Vietnamese national legislation and international law, including the 1982 UN Convention on the Law of the Sea," the statement said.

Cooperation under existing and new projects in the oil and gas sector between Russian and Vietnamese companies, including the supply of oil and liquefied natural gas to Vietnam and its processing, are in line with the two countries' strategic interests, the statement said.

Another promising area of cooperation is the joint implementation of projects to create new and modernize existing power generating facilities, it said.

"The need to increase Russian investment in Vietnam and Vietnamese [investment] in Russia, including in the extraction and processing of mineral resources, industry, agriculture, engineering, and energy was emphasized. In this regard, it was decided to intensify the work of the high-level Russian-Vietnamese working group on priority investment projects," it said.

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