Vietsovpetro to become two-member limited company

Hanoi (VNA) - The government has given the green light to the
Vietnam-Russian oil and gas joint-venture (Vietsovpetro) to become a
two-member limited company.

At a recent meeting with the leaders of the joint venture and the Vietnam
Oil and Gas Group (PetroVietnam), Minister of Industry and Trade Vu Huy
Hoang urged them to complete preparations for Vietsovpetro's transformation
after 2010 in accordance with the two government's agreement.

Vietsovpetro was founded in November 1981 with each side contributing 50
percent of the total investment capital of 1.5 billion USD.

The joint venture now is exploiting oil fields offshore of the East
Sea such as Bach Ho (White Tiger), Mo Rong (Dragon) and Gau Lon (Big
Bear).
Vietsovpetro is now accelerating negotiations for signing contracts for
four oil and gas lots at the Nenetsia autonomous region in Russia in 2008
and targeting other lots in the Russian Federation , the Commonwealth of
Independent States (CIS) and third countries.

Every year, the joint venture contributes 80 percent of Vietnam 's crude
oil volume for exports.-Enditem