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Russian-Vietnamese venture to build gas pipeline in Vietnam

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HANOI, October 18 (RIA Novosti, Thu Huongh) - The Vietnam Oil and Gas Corporation (PetroVietnam) announced Tuesday it had signed a contract with Russian-Vietnamese joint venture Vietsovpetro on the construction of a gas pipeline in Vietnam.

Under the $245 million contract, Vietsovpetro will be the primary contractor for the pipeline, which will connect the PM3 offshore deposit, run by PetroVietnam and Malasian company Petronas, with a power plant in the An Khanh village in the Ca Mau province.

The 325 kilometer-long pipeline, with an annual design capacity of 2 billion cu m, will include a 298-kilometer offshore segment and a 27-kilometer land segment, and is expected to be operational in late 2006.

Vietsovpetro is the largest Russian-Vietnamese joint venture in Vietnam, accounting for 70% of the country's total crude oil production. The company extracted eight million metric tons of crude and 1.5 billion cu m of petroleum gas in the first nine months of 2005. It has forecasted its 2005 revenue at $4.4 billion.

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