VGP – Viet Nam and the Republic of Dagestan agreed to exploit oil in the Caspian Sea, announced Dagestan’s Government Office on August 18.

Dagestan’s PM Abdusadam Gamidov yesterday welcomed representatives of the Viet Nam Oil and Gas Group (Petro Viet Nam) to discuss prospects in exploiting oil in the Caspian Sea.

A draft agreement on project investment was reached in an earlier meeting between Dagestan President Ramazan Abulatipov and Petro Viet Nam Chairman Nguyen Quoc Khanh last April.

Accordingly, Petro Viet Nam confirmed its readiness to become a shareholder of the State Oil Company of Dagestan and invest in oil and gas exploitation in Dagestan with an estimated amount of US$300 million./.

Source: Bao Dien Tu CP English