MOSCOW, September 24. /TASS/. Russia’s Federation Council (upper house of the parliament) has approved the law ratifying the protocol to the agreement between the governments of the Russian Federation and Vietnam on further cooperation in the area of geological exploration and oil and gas production in Russia within the framework of the joint company Rusvietpetro signed in Moscow on May 10, 2025, dated April 20, 2016.
In order to further develop strategic cooperation between Russia and Vietnam, as well as to ensure that Rusvietpetro receives additional revenues from oil and gas operations, the protocol provides for the extension of the current agreement for the period from 2034 to 2050 and a corresponding extension for this period of preferential conditions for Rusvietpetro's operations regarding the establishment of a special procedure for calculating the mineral extraction tax. The extension of the agreement is due to a high-level agreement following the meeting of the presidents of Russia and Vietnam, according to an explanatory note to the document.
The protocol establishes additional state incentive measures for Rusvietpetro's activities in Russia through the transfer of additional subsoil plots to the joint company and the establishment of a special procedure for calculating mineral extraction tax for these plots, starting in 2026. In addition, in order to protect the rights of a foreign investor, including in terms of possible foreclosure on a share in Rusvietpetro, the protocol sets out restrictions on changing the size of the parties' participation shares in the joint venture.