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.
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