TNK-BP says that, as part of its strategy to expand its business internationally, the company has signed a cooperation agreement with the Vietnamese state corporation PetroVietnam outlining the further steps and activities to be undertaken as part of the companies' long-term cooperation.

According to the agreement, PetroVietnam will support TNK-BP's entry to the Vietnamese oil and gas market through the acquisition of BP's stake in upstream gas producer Block 6-01 and also will support TNK-BP's intention to further expand its downstream and upstream business in Vietnam. Additionally, TNK-BP will support PetroVietnam in its intention to develop its upstream business in Russia, and the two companies will enter into negations concerning the establishment of a joint venture in Russia to achieve this.

As part of the cooperation agreement, TNK-BP will consider further ESPO crude supply contracts to Vietnam on a long-term basis.

Tags: TNK-BP