Ha said effective teamwork between the Russian oil and gas company and the Vietnam Oil and Gas Group (Petrovietnam) has contributed significantly to the countries’ economic ties.

Deputy Prime Minister Tran Hong Ha (R) and visiting General Director of Russia’s Zarubezhneft JSC Sergey Ivanovich Kudryashov at their meeting in Hanoi on June 19. (Photo: VNA)

He suggested that the two businesses put forth practical proposals to scale up their partnership and that Zarubezhneft and related Vietnamese agencies and partners continue incorporating the nations’ comprehensive strategic partnership principles into their implementation of investment and cooperation projects in Vietnam.

The Deputy PM wishes that Zarubezhneft will prioritise injecting capital in renewable energy projects such as offshore wind power and the production of new fuels like green hydrogen and green ammonia. He encouraged the company to leverage the infrastructure and physical facilities of oil drilling rigs for these initiatives.

With Vietnam and Russia having ample room for cooperation in the energy sector, Zarubezhneft and Petrovietnam should prioritise investment, research, and technology mastery in producing new types of green fuels derived from renewable energy sources, Ha said.

The Russian businessman updated his host on the operation of the joint venture Vietsovpetro and other projects in the oil and energy sector in Vietnam, highlighting their significant contribution to the bilateral trade.

Zarubezhneft shared over four decades of partnership with Petrovietnam, notably through the establishment of joint ventures such as Vietsovpetro and Rusvietpetro for geological exploration and oil and gas extraction. The two are currently effectively realising high-level agreements between Vietnam and Russia in their sector.