VIETSOVPETRO | |
Native name | Liên doanh Việt – Nga Vietsovpetro |
Formerly | Joint Soviet-Vietnamese Oil & Gas Enterprise «Vietsovpetro» |
Company type | Joint venture |
Industry | Petroleum industry |
Founded | 1981 |
Headquarters | , |
Products | Crude oil, natural gas |
Production output | 3.1 million tonnes of
crude oil, 0.91 billion cubic metres of natural gas (2021) [1] |
Revenue | Over US$1.68bn (2021) [1] |
Parent |
Petrovietnam (51%)
[2] Zarubezhneft (49%) [2] |
Website |
www |
The Russia-Vietnam Joint Venture – Vietsovpetro [3] (VSP; [4] Vietnamese: Liên doanh Việt – Nga Vietsovpetro, lit. 'Viet-Russo Joint venture Vietsovpetro', [5] Russian: Совместное российско-вьетнамское предприятие «Вьетсовпетро», romanized: Sovmestnoye rossiysko-v'yetnamskoye predpriyatiye «V'yetsovpetro», lit. 'Joint Russian-Vietnamese venture «Vietsovpetro»') is a joint Russo- Vietnamese enterprise for oil and gas exploration headquartered in Vung Tau, Vietnam. [6] According to the VNR500 (Top 500) ranking, Vietsovpetro was Vietnam's 8th largest company. [7] [8]
It was established in 1981 under an inter-governmental agreement between the JSC Zarubezhneft of the Soviet Union (later inherited by the Russian Federation) and Vietnam's state-owned Petrovietnam, with each side holding half of stake. [9]
On 10 December 2010, VietsovPetro agreed to extend its cooperation with JSC Zarubezhneft for 20 years until 2030. As per the new arrangement, PetroVietnam will hold a 51% stake in the joint venture with the Russian company holding 49%. [9]