Vietnam state corporation Petro Vietnam plans to become a shareholder of the State Oil & Gas Company of Daghestan and invest about $150-300 million into supplementary exploration and oil extraction in the Caspian shelf, reported RIA Novosti.
At the bilateral meeting in Makhachkala on April 20, 2015 the Vietnam State Corporation and the State Oil & Gas Company of Daghestan discussed the perspectives of cooperation in field of development of bowels of earth of the Caspian Sea adjoining to Daghestan – Izberbash bloc-2 and Sulak bloc-4. PetroVietnam considers joining the project as the investor.
Daghestan President Ramazan Abdulatipov has assured foreign partners that the authorities will take upon themselves the safety of the fields. PetroVietnam company is involved in oil and gas extraction on the entire territory and the territorial waters of Vietnam and has been also involved in the oil and gas projects abroad, such as Malaysia, Indonesia, Mongolia, Algeria and Russia.
PetroVietnam is among the main partners of Rosneft company in the Asian and Pacific region.