Vietnam asks Russia’s Zarubezhneft for long‑term oil supplies, more investment

2026-03-25 - 04:40

During a visit to Moscow, Prime Minister Pham Minh Chinh urged Zarubezhneft executives to expand investment in oil exploration and production in Vietnam. HANOI: Vietnam’s prime minister has asked Russian oil and gas firm Zarubezhneft to boost its investment in Vietnam and to supply crude oil to the Southeast Asian country on a long-term basis, the Vietnamese government said on Wednesday. Prime Minister Pham Minh Chinh, who met Zarubezhneft executives during a visit to Moscow, urged the company to expand its investment in oil exploration and production in Vietnam, according to a government statement. He also called on Zarubezhneft to provide long-term supplies of crude oil, natural gas and petroleum products, and to coordinate with state oil firm Petrovietnam on a project to build crude oil storage facilities in Vietnam. Vietsovpetro, a joint venture between Zarubezhneft and Petrovietnam, is Vietnam’s largest crude oil producer, with most output coming from the offshore Bach Ho field. Zarubezhneft is also planning offshore wind power projects in Vietnam with a combined capacity of 1 gigawatt, the statement said. Vietnam is seeking to enhance and diversify its energy generation capacity in the long term, taking cues from current supply disruptions caused by the Iran war. Russia and Vietnam on Monday signed a cooperation agreement on the construction of Vietnam’s first nuclear power plant, Russia’s Rosatom nuclear agency said on Monday.