Baku, Hanoi eye expanded energy cooperation

19 January 2017 12:00 (UTC+04:00)

By Nigar Abbasova

Vietnam, the sixth largest oil producer in the Asia-Pacific region, has displayed interest in Azerbaijan’s participation in development of the country’s energy industry.

The issue was high on agenda during a meeting between Vietnamese President Tran Dai Quang and Azerbaijan’s Energy Minister Natig Aliyev in Hanoi.

Dai Quang said that the Socialist Republic, which possesses considerable oil reserves, wants Azerbaijan to continue rendering its assistance to Vietnam Oil and Gas Company in the development of oil fields.  

The Vietnamese oil and gas industry is deemed to be the biggest foreign currency earner and a major procurer of imported technology. Crude oil reserves of the country are currently estimated at 4.4 billion barrels, or 630 million tons. Crude oil production reportedly accounts for an average volume of 340,000 barrels per day.

Memos signed by Azerbaijan’s state oil company SOCAR and Vietnam Oil and Gas Group PetroVietnam in 2010 and 2015, are the major documents regulating energy cooperation between the sides.

Dai Guang mentioned that Vietnam is also ready to create favorable conditions for import and export operations between the two countries.  

“Vietnam is ready to export such production as agricultural goods, fishing production, electronics and computers,” he said.

The head of state went on saying that the sides should also consider the issue of resuming cooperation in the sphere of education, opening of direct flights between Baku and Hanoi, as well as bolstering ties in the sphere of culture and tourism.

Aliyev, in turn, supported the idea of strengthening ties, in particular in the sphere of energy, science and technologies, culture and tourism.

Trade turnover between Azerbaijan and Vietnam amounted to $73.2 million in January-November 2016, according to Azerbaijan’s State Customs Committee.

The diplomatic relations between Azerbaijan and Vietnam were established on September 23, 1992. Azerbaijan opened its embassy in Vietnam in 2013.

Currently, the bilateral relations are coordinated by the Vietnamese Embassy in Russia, which is also accredited in Azerbaijan.


Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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