Russia's Oil-Gas Giant Zarubezhneft Seeks to Invest in Vietnam's Offshore Wind Power

By Madz Dizon

Apr 10, 2024 03:58 AM EDT

Russia's Oil-Gas Giant Zarubezhneft Seeks to Invest in Vietnam's Offshore Wind Power
The logo of Russian state oil firm Zarubezhneft is seen on its information board in Moscow on October 17, 2022.
(Photo : NATALIA KOLESNIKOVA/AFP via Getty Images)

A Russian energy company, Zarubezhneft, which has been a long-term partner of state-owned Petrovietnam, is now looking to make investments in the field of offshore wind power in Vietnam.

The CEO, Kudryashov Sergei Ivanovich, had a meeting with Prime Minister Pham Minh Chinh in Hanoi on Monday.

Russia Seeks Off Shore Wind Power Projects in Vietnam

During the meeting, he discussed the company's plans and requested government assistance in resolving certain challenges that the company's ongoing projects in Vietnam are facing.

Chinh expressed his approval and suggested that the company collaborate with Petrovietnam to address the challenges they face in their joint ventures.

According to a World Bank assessment, Vietnam boasts the highest wind power potential in Southeast Asia, reaching an impressive 513,000 MW.

According to VN Express, Vietnam aims to achieve a significant increase in offshore wind power capacity by 2030, reaching a target of 6,000 MW.

Kudryashov informed the host that the long-standing partnership between Zarubezhneft and Petrovietnam has yielded significant achievements in geological exploration, as well as oil and gas exploitation.

This collaboration has not only created employment opportunities but also made valuable contributions to the economies of both countries.

He requested that the Vietnamese Government leader take charge of resolving any challenges and hindrances in collaborative projects.

Kudryashov emphasized Russia's strong interest in further enhancing collaboration with Vietnam across various sectors, with a particular focus on economics, trade, and investment.

He also expressed Zarubezhneft's desire to broaden their partnership with Vietnam to encompass additional areas, such as offshore wind power development.

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Russia-Vietnam Oil-Gas Cooperation

Expressing his endorsement for expediting the resolution of challenges and issues in collaborative ventures, PM Chinh emphasized that the nation consistently supports and provides the best possible conditions to enhance oil and gas cooperation between the two countries, guided by the principle of "mutually beneficial outcomes and shared risks".

The ministries and sectors have been urged to review the implementation of cooperation agreements signed by the senior leaders of the two countries.

This includes agreements in the oil and gas sector, which will be discussed in the upcoming Vietnam-Russia Intergovernmental Committee meeting.

The Prime Minister expressed his optimism that Russia will address the current challenges in the oil and gas industry, while also supporting Pertrovietnam's increased investment in the country, VOV reported.

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