BP's (NYSE:BP) Joint Venture TNK-BP (RTS:TNBPI) Signs Supply Deal with Vietnam

BP (NYSE:BP) has inked a contract via its Russian joint venture TNK-BP (RTS:TNBPI) to supply ESPO crude oil blend to Vietnam, as the company is set to acquire assets held by BP in the country.

The deal, which was signed with state-run PetroVietnam, will launch its first cargo in November, which will be a load of 100,000 tons at the Pacific Ocean port of Kozmino.

In a statement, Maxim Barsky, deputy chairman of TNK-BP's management board, said, "We are committed to establishing a long-term presence in Vietnam and to pursuing joint projects in the upstream and refining sectors."

TNK-BP is also going to bid on rights to two large oil fields in Russia, the Trebs and Titov.