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Rosneft to supply PetroVietnam Oil with up to 96 mln tonnes by 2040

June 16, 2016, 21:58 UTC+3 ST. PETERSBURG

The deliveries can begin at any time when the deal is ready, according to the company

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ST. PETERSBURG, June 16. /TASS/. Rosneft and PetroVietnam Oil Corporation (subsidiary of PetroVietnam) signed a long-term contract for the supply of for up to 96 mln tonnes by 2040 at the St. Petersburg International Economic Forum (SPIEF 2016) on Friday.

"The volume is up to 96 mln tonnes until 2040. The transaction will be carried out after the necessary regulatory and other approvals are received," the Russian company told TASS.

Head of Rosneft Igor Sechin told journalists that deliveries can begin "at any time" when the deal is ready.

"Thanks to the reached agreements, Rosneft will occupy a leading position in providing energy resources to one of the most dynamically developing Asia-Pacific countries. Long-term nature of the agreement will allow Rosneft not only to improve economic efficiency of deliveries, but will be an additional stabilizing element for the global markets of raw materials," Head of Rosneft commented on the agreement.

The company's press service noted that the agreement is unprecedented, and it demonstrates the success of the Rosneft’s strategy in the area of trade.

Increased delivery volumes allow to create additional shareholder value and expand the company’s cooperation with partners in the market of Southeast Asia.

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