OREANDA-NEWS  On 07 November was announced, that the President of the Socialist Republic of Vietnam Nguen Minh Triet as a part of his visit to Russia received deputation from Zarubezhneft JSC, headed by the General director of the Company N.G. Brunich. Prospects of further work of Zarubezhneft JSC and Oil and Gas Group Petrovietnam on basis of transformed after 2010 JV Vietsovpetro and new joint projects of the Companies in Russia and third countries were discussed there. The President of Vietnam Nguen Minh Triet noted successful long-term cooperation of Zarubezhneft and Petrovietnam within JV Vietsovpetro and expressed hope for further development and strengthening of mutually profitable partnership between the two Companies in the field of realization of current and new oil and gas projects.

Afterwards in the presence of the Presidents of two countries Dmitry Medvedev and Nguen Minh Triet the Minister of Industry and Trade of the Russian Federation Viktor Christenko and the Minister of Industry and Trade of the Socialist Republic of Vietnam Vu Huy Hoang signed Inter-governmental agreement on further cooperation in the field of geological survey and oil and gas production on the basis of the joint venture Vietsovpetro, which stipulates the reorganization of the joint venture since December 31st, 2010 into a limited company Vietsovpetro with two shareholders – Zarubezhneft JSC and Oil and Gas Group Petrovietnam – with participation interest of 49% and 51% respectively. The joint company will start operating on January 1st, 2011. The General director of Zarubezhneft JSC Brunich N.G. and the General director of Oil and Gas Group Petrovietnam Tran Ngoc Canh signed an agreement on Petrovietnam`s entering into joint venture company RUSVIETPETRO, which is operating on territory of Russia (working interest: 51% - Zarubezhneft JSC, 49% - Oil and Gas Group Petrovietnam).