Zarubezhnefti AO (Russia)

Zarubezhneft is one of the oldest oil and gas industry in Russia with rich experience in foreign trade activities in various regions of the world. Zarubezhneft (in 1988-1992. - The All-Union Production Association in 1992-1995. - Russian Foreign Economic Association, since 2004 - Open Joint Stock Company) was founded in 1967 when the Soviet Union Minnefteprom in accordance with the decree of the Council of Ministers. On February 3, 2004 state enterprise Russian Foreign Economic Association Zarubezhneft was transformed into an open joint stock company Zarubezhneft, while preserving 100% of federal property. The founder of Zarubezhneft is the Russian Federation through the Federal Agency for Federal Property Management. Since its inception, Zarubezhneft is engaged in the development and implementation of complex projects, exploration and development oil and gas fields abroad, onshore and offshore, construction of oil infrastructure, carrying out works in the field of enhanced oil recovery, as well as supplying equipment and materials for oil and gas facilities in various regions of the world. The most effective project Zarubezhneft abroad is a joint venture Vietsovpetro set up in 1981, based on the Intergovernmental Agreement on a parity basis with the General Vietnam Oil and Gas Company Petrovietnam. JV Vietsovpetro holds strong positions in the top ten most profitable oil companies in the world, producing yearly in the Vietnamese shelf about 7-8 million tons of oil.