TNK-BP announces that today, as part of its strategy to expand its business internationally, the company has signed a cooperation agreement with the Vietnamese state corporation PetroVietnam outlining the further steps and activities to be undertaken as part of the companies` long-term cooperation.
According to the agreement, PetroVietnam will support TNK-BP`s entry to the Vietnamese oil and gas market through the acquisition of BP`s stake in upstream gas producer Block 6-01 and also will support TNK-BP`s intention to further expand its downstream and upstream business in Vietnam. Additionally, TNK-BP will support PetroVietnam in its intention to develop its upstream business in Russia, and the two companies will enter into negations concerning the establishment of a joint venture in Russia to achieve this.
As part of the cooperation agreement, TNK-BP will consider further ESPO crude supply contracts to Vietnam on a long-term basis.
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