(VOVworld) – The Vietnam National Oil and Gas Group (PetroVietnam) and Rosneft – a leading Russian oil and gas group – will establish a joint venture company to explore and exploit two oil wells at Pechora Sea, north-west of Russia. The wells have a combined geological reserve of 1 billion tons and a recoverable reserve of 200 million tons. This was agreed during a working session between PetroVietnam and first Russian Deputy Minister of Energy Yuri Sentiurin, executive chairmen of Russia’s leading oil and gas groups like Rosneft, Gazprom, and Zaruberhneft. Both sides discussed measures boost energy cooperation, improve efficiency of existing Vietnam-Russia joint venture companies, including GazpromViet and RusVietPetro, and accelerate tax incentives on natural resource exploration and exports. They examined Gazpromneft’s plan to acquire 49% of the stake of Vietnam’s Dung Quat Oil Refinery, upgrade the refinery’s capacity to 10 million tons per year, supply crude oil to the plant, and explore new oil wells.