Vietnam Seeks Long-Term Oil Supply Agreement with Russia

Vietnam's Prime Minister Pham Minh Chinh met with Zarubezhneft leaders in Moscow, proposing long-term oil and gas supply agreements. He encouraged Russian investment in oil exploration and production in Vietnam, specifically coordinating with Petrovietnam on oil storage projects. Zarubezhneft plans to build offshore wind farms in Vietnam with a total capacity of 1 GW. Additionally, Novatek has signed a preliminary LNG supply agreement with a Vietnamese buyer, ready to start deliveries soon. Other Asian countries are also inquiring about Russian oil amid supply challenges from the Middle East.

Published Mar 28, 2026

Vietnam's Prime Minister Pham Minh Chinh has called for long-term oil and gas supply agreements with Russia's Zarubezhneft during his visit to Moscow. He urged increased Russian investment in oil exploration and production in Vietnam and coordination with Petrovietnam on oil storage projects.

AI-curated by Theia

Zarubezhneft plans to develop offshore wind farms in Vietnam with a capacity of 1 GW. Additionally, Novatek has signed a preliminary LNG supply agreement with a Vietnamese buyer. Other Asian countries, including Thailand, the Philippines, Indonesia, and Sri Lanka, have also expressed interest in Russian oil as supply from the Middle East has diminished due to geopolitical tensions.