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Rosneft, Petrovietnam to Jointly Work in Pechora Sea

Posted by September 5, 2014

Rosneft, Russia's top oil producer, said on Friday it had agreed to set up a joint venture with Vietnamese state energy firm Petrovietnam to develop two shelf blocks in the Pechora Sea in the Arctic off northwest Russia.

Rosneft will get a 66.67-percent stake in the joint venture, it added in a statement. First memorandum of understanding on joint hydrocarbons exploration in the Pechora Sea was signed in November of last year.

(Reporting by Olesya Astakhova; Writing by Polina Devitt; Editing by Lidia Kelly)

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