MOSCOW, Nov. 13 (UPI) -- Gazprom Neft Chairman Alexander Dyukov said consideration of a stake in a Vietnamese oil refinery anchors the company's trajectory to the Asian markets.
Gazprom Neft said it signed a framework agreement with Vietnam Oil and Gas Group that spells out the terms for the acquisition of a stake in the latter's Dung Quat oil refinery.
"Our company's long-term strategy calls for a major increase in refining volumes outside Russia," Dyukov said in a statement Tuesday. "Access to the capacity at Dung Quat will allow Gazprom Neft to enter the Asian market for refined products, which is one of the fastest growing and most promising markets globally."
Russian energy companies have been focusing their efforts on Asia, where expanding economies are demanding more sources of oil and natural gas.
Dung Quat is Vietnam's only operating refinery. Gazprom Neft, a subsidiary of Russian energy company Gazprom, said it would modernize the refinery in order to double its output to 10 million tons of petroleum products within a year and improve its ability to manufacture fuel that meets European standards.
