MOSCOW, September 29. /TASS/. Russian President Vladimir Putin signed a law ratifying the protocol to the agreement with Vietnam on further cooperation in geological exploration and oil and gas production in Russia through the joint venture Rusvietpetro.

The protocol extends the current agreement between the countries for the period from 2034 to 2050 and provides preferential terms for Rusvietpetro's operations, including establishing a special procedure for calculating mineral extraction taxes.

The document will help further develop strategic cooperation between Russia and Vietnam and allow Rusvietpetro to generate additional income from oil and gas activities.

The protocol also establishes additional government incentives for Rusvietpetro's operations in Russia. The company is expected to transfer additional subsoil plots and establish a special procedure for calculating mineral extraction tax for these plots, starting in 2026. Furthermore, in order to protect the rights of the foreign investor, including with regard to the possible foreclosure of a share in Rusvietpetro, the protocol sets out restrictions on changes to the size of the parties' participation shares in the joint venture.