Russian-British joint venture TNK-BP expects to establish a joint venture with Vietnam's PetroVietnam in October, which may include PetroVietnam's 50 percent stake in the Dung Quat oil refinery and Russian oil fields, Deputy CEO Maxim Barsky said on Wednesday.
"We are planning to sign an agreement on the joint venture by the end of October," Barsky said.
Under the deal, TNK-BP plans to get a 50 percent stake in the six million ton capacity refinery recently launched by PetroVietnam, and from its side will offer several oilfields in Russia, Barsky said.
The construction of Dung Quat cost $3.5 billion, while PetroVietnam was discussing the possibility to boost its capacity to 10 million tons.
"We have been offered the chance to participate as a strategic partner and get up to 50 percent (in the plant)," Barsky said.
TNK-BP has not yet compiled a list of fields which might be contributed to the joint venture, Barsky said, adding the company would most likely choose the fields whose oil might be transported via the Eastern Siberia-Pacific Ocean oil pipeline.