At the signing ceremony of a memorandum of understanding between PVEP’s technical centre (PVEP - ITC) and VNIINeft in Russia on May 24 (Photo: VNA)

The Vietnamese side praised the technical capabilities of Zarubezhneft and its affiliated petroleum research exploration institute VNIINeft.

PVEP and VNIINeft have significant potential for future joint projects, given the latter’s history of supplying products to Vietnam, Viet said.

In response, Vyacheslav Terentyev, Deputy Director General for Business Development at Zarubezhneft, introduced the company’s new development directions, including geothermal energy, import substitution, and digital transformation.

At the event, a memorandum of understanding was signed between VNIINeft and PVEP’s technical centre (PVEP - ITC) to concretise their cooperation opportunities.

On the same day, the delegation met with leaders of RusVietPetro, the most successful overseas oil and gas joint venture of the Vietnam Oil and Gas Group (Petrovietnam). RusVietPetro exploits about 3 million tonnes of oil annually, contributing substantial foreign exchange earnings of Vietnam.