(VOVworld) – Vietnam and Russia signed Monday a memorandum of understanding on the possibility of cooperating in a joint seismic research at Lots 125 and 126 in the Phu Khanh basin in Vietnam’s continental shelf.

Vietnamese Minister of Industry and Trade Vu Huy Hoang (standing, center) witnesses the memorandum's signing ceremony. (Photo: PVN)

The document was inked by General Director of the Vietnam National Oil and Gas Group (PetroVietnam) Do Van Hau and General Director of Russia’s Zarubezhneft Oil Company Alexander Kudasov in Moscow on the sidelines of the 21st World Petroleum Conference. The Vietnamese delegation was led by Minister of Industry and Trade Vu Huy Hoang.

Held every three years, the World Petroleum Congress took place against a context the global oil price has made a high record over the past 9 months due to the growing violence in Iraq. The event shows the West’s desire to continue investment in Russia despite the political crisis in Ukraine.