Rosneft president and management board chairman Igor Sechin and PetroVietnam president and CEO Do Van Hau signed the agreement on behalf of the both companies.

Both the companies have also signed the memorandum of understanding (MoU) for Rosneft acquisition of interest in the production sharing agreement (PSA) for the block 15-1/05 in the Vietnamese offshore area.

Russian president Vladimir Putin and Vietnam president Truong Tan Sang have signed documents related to the deal, when Putin visited Vietnam, as part of an official visit.

Igor Sechin, as part of the visit, has also discussed with PetroVietnam’s top management about the cooperation between firms in the energy sector and prospects to extend cooperation in the joint projects in Vietnam and Russia.