Rosneft Meets PetroVietnam Amid $200 Million Bid on Chevron Area

OAO Rosneft head Igor Sechin met with the chairman of Vietnam Oil & Gas Group to discuss cooperation in refining as the Russian oil producer looks at adding fields off the Asian country’s southern coast.

Sechin and Nguyen Xuan Son, the chairman at Vietnam Oil & Gas, met in Moscow and talked about possible joint exploration, output and refining projects, Rosneft said today in a statement on its website.

Rosneft has been building ties with Asia since its 2006 initial public offering, signing a $270 billion, 25-year supply agreement with China in 2013. The Kremlin-controlled company, which gained Vietnamese natural gas producers with the purchase of TNK-BP last year, is seeking to reduce dependence on western markets as Russia’s ties with the U.S. and the Europe Union sour over the conflict in Ukraine.

“PetroVietnam is a strategic partner for Rosneft,” Sechin said in the statement. Rosneft and PetroVietnam also discussed supplying Russian oil to PetroVietnam’s Dung Quat refinery and potential cooperation on modernizing the plant, according to the statement.

Rosneft is in talks to buy Chevron Corp.’s stake in gas fields off southern Vietnam for about $200 million, PetroVietnam Chief Executive Officer Do Van Hau told Bloomberg in an interview on Aug 22.

PetroVietnam, Japan’s Mitsui & Co. and Thailand’s PTT Exploration & Production Pcl are partners in the Chevron project and have the first option on any stake up for sale, Hau said.

Before it's here, it's on the Bloomberg Terminal.