Moscow. September 11. INTERFAX - Russia and Vietnam agreed to extend the existence of JV Vietsovpetro after 2010 on a new legal basis, told Prime-Minister of Vietnam Nguyen Tan Dung.

“The Joint Venture is to finish its work in 2010 but in accordance with the signed protocol to the Agreement between the governments of the USSR and SRV on further cooperation in oil and gas exploration and production on the continental shelf of Vietnam under Vietsovpetro, the Joint Venture will not finish but continue its operation on a new legal basis in Vietnam, Russia and third countries”, said Nguyen Tan Dung after the negotiations with Russian Prime-Minister Mikhail Fradkov.

Following the negotiations, the Agreement to establish a joint venture in the Russian Federation was also signed between Zarubezhneft JSC and Oil and Gas Group Petrovietnam. “This means that Zarubezhneft retains its presence on the Vietnamese shelf, and we face the future beyond 2010 optimistically”, stressed the Prime Minister of Russia.

He also said that Gazprom had been in talks with Petrovietnam to cooperate in gas exploration, production and transportation. United company RusAl studies the possibilities to build a bauxite and alumina refinery in the country. Altimo, which holds the telecommunications investments of the Alfa Group Consortium, is also in negotiations on a telecommunications project. “Today Rosoboronexport seeks to provide repair and supplies of military equipment, and Roskosmos negotiates about projects on earth sounding from space”, said M. Fradkov.

Besides, Russia is interested in projects of development of iron ore fields and reconstruction of railroads in Vietnam. “We didn’t miss an opportunity to construct an atomic power station”, marked M. Fradkov.