Vladimir Putin signed the Federal Law On Ratifying the Agreement between the Government of the Russian Federation and the Government of the Socialist Republic of Vietnam on Further Cooperation in the Geological Exploration and Production of Oil and Gas on Russian Federation Territory within the Framework of the Joint Limited Joint Stock Company RusVietPetro.
The Agreement was signed in Hanoi on April 20, 2016, and aims to establish favourable conditions for oil production by the joint venture RusVietPetro in sections of the Tsentralno-Khoreyverskoye Rise in Nenets Autonomous District.
The agreement is effective until December 31, 2033.