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Russia and Vietnam agree on oil storage deal
The Russian oil and gas company "Zarubezhneft" signed a framework agreement with the Vietnamese energy company "Petrovietnam" to establish a strategic oil reserve in Vietnam during the state visit of Vietnamese leader To Lâm to Russia. A timeline or the potential size of the reserve has not been announced; however, Russian President Vladimir Putin indicated a proposal to explore the creation of a joint strategic fuel stockpile in Vietnam. Cooperation in the energy sector remains a key focus of the relationship between Moscow and Hanoi, with Russia committed to increasing investments and providing long-term oil supplies to Vietnam.
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