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Vietnam, Azerbaijan agree on oil and gas cooperation

May 14, 2015, 16:40 UTC+3 BAKU
Negotiators also signed intergovernmental agreements on mutual assistance in customs affairs and air services and interagency documents aimed at developing work together in agriculture and transport
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© ITAR-TASS/Alexander Ryumin

BAKU, May 14. /TASS/. Vietnam and Azerbaijan on Thursday signed five agreements on cooperation in the oil and gas, transport and agricultural sectors. The accords were reached after talks between Azerbaijan's President Ilham Aliyev and Vietnamese counterpart Truong Tan Sang, who is in Baku for a three-day official visit.

Azerbaijan welcomes Vietnamese companies to participate in developing the country's oil and gas fields, President Ilham Aliyev said on Thursday.

"In the early days, Azerbaijani specialists used to work in Vietnam in the oil and gas sector. Today, we invite Vietnamese companies to Azerbaijan. We want Vietnam’s firms to participate in developing our fields," Aliyev said after talks with his Vietnamese counterpart Truong Tan Sang.

"At the same time, the State Oil Company of Azerbaijan Republic has already acquired international status and is very interested in working in Vietnam," he said.

Great potential exists for boosting two-way trade, which reached $422 million last year, according to Vietnam’s data, the Azerbaijan president said.

"We should outline a specific plan to use this potential," Aliyev added.

The Vietnamese leader noted that his country intended to expand oil and gas cooperation with Azerbaijan. "This is extremely important for our ties," Sang said.

Five documents were signed following the talks, including a memorandum of understanding on oil and gas partnership between the State Oil Company of Azerbaijan Republic (SOCAR) and the Vietnam National Oil and Gas Group (PetroVietnam), as well as intergovernmental agreements on mutual assistance in customs affairs and air services, and interagency documents aimed at developing work together in agriculture and transport.

During his stay, Vietnam's president is due to join business representatives at a joint discussion forum.

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