Dagestan Government discuss development prospects of oil and gas production in Caspian Sea shelf

Makhachkala, August 19, 2015. On August 18, Dagestan Prime Minister Abdusamad Gamidov met with the representatives of PetroVietnam (Vietnam Oil and Gas Group) headed by Mr. Phong Tran Nguyen, the press service of Dagestan Head and government’s administration reports.

Let us remind that the PetroVietnam company has developed rapidly since it was established in 1977, and in 2006 was converted into a state corporation. Today, this company produces oil and gas on the whole territory and in the territorial waters of Vietnam, and operates in the oil and gas industry abroad, particularly in Malaysia, Indonesia, Mongolia, Algeria and Russia.

The PetroVietnam is one of the main partners of the Rosneft in the Asia-Pacific region and carries out the oil and gas processing, storage and transportation, providing services in the oil and gas industry.

Dagestani Head Ramazan Abdulatipov together with Mr. Nguyen Quoc Khanh, the President and CEO of PetroVietnam discussed the prospects of cooperation with the state-owned corporation "State oil company of the Republic of Dagestan".

The parties agreed to make the PetroVietnam a shareholder of the "State oil company of the Republic of Dagestan" JSC and the investor to the oil-and-gas-field operation on the territory of the republic. According to preliminary calculation, around 150-300 million dollars will be allocated.

By results of the meeting, Abdusamad Gamidov confirmed that Dagestan Government would render all possible assistance to the partners in implementation of the promising project.

The meeting brought together the deputy Prime Minister RD Gasan Idrisov, Dagestan minister of finance Ali Islamov, the head of the State Energy Agency RD Murtuzali Gitinasulov, the first deputy general director of "State oil company of the Republic of Dagestan" JSC Daniyal Aliyev.

Vietnam was represented by the head of PetroVietnam Mr. Phong Tran Nguyen and the head of exploration Lee Van Hen.