PV Oil and Rosneft have signed an 'unprecedented' deal.
Oil Corporation (PV Oil), a subsidiary of state-run energy firm PetroVietnam, and Russian giant Rosneft
have signed a long-term contract for the supply of 96 million tons of petroleum products by 2040 at the St. Petersburg International Economic Forum on Friday.
“The volume is up to 96 million tons until 2040. The transaction will be carried out after the necessary regulatory and other approvals are received,” the Russian company told TASS.
Head of Rosneft Igor Sechin told journalists that deliveries can begin “at any time” when the deal is ready.
“Thanks to the reached agreements, Rosneft will occupy a leading position in providing energy resources to one of the most dynamically developing Asia-Pacific countries. Long-term nature of the agreement will allow Rosneft not only to improve economic efficiency of deliveries, but will be an additional stabilizing element for the global markets of raw materials,” Sechin commented.
The company's press service noted that the agreement is unprecedented, and it demonstrates the success of the Rosneft’s strategy in the area of trade.