State Petrovietnam said Thursday it had signed a memorandum of understanding with Russian-UK venture TNK-BP on up- and downstream cooperation. The sides will look at the possibility of setting up an upstream joint venture for work in Russia, while TNK-BP will also study proposals to expand Vietnam’s Dung Quat refinery, and supply crude to Petrovietnam trading arm PV Oil. Russian state Zarubezhneft is already operating in Vietnam through its Vietsovpetro and Rusvietpetro joint ventures (IOD Jul.13,p8).
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