Moscow, Hanoi Agree to Expand Oil Production on Vietnam's Continental Shelf

Moscow and Hanoi agreed to deepen cooperation and expand the zone of exploration and production of oil and gas on the continental shelf of Vietnam in strict accordance with the UN Convention on the Law of the Sea of 1982, according to a statement following the talks between the presidents of Russia and Vietnam, Vladimir Putin and Tran Dai Quang.

MOSCOW (Sputnik) — Moscow and Hanoi agreed to expand the oil exploration and production zone on the continental shelf of Vietnam, according to a statement following the talks between the presidents of Russia and Vietnam, Vladimir Putin and Tran Dai Quang.

"An agreement was reached to deepen cooperation and expand the zone of exploration and production of oil and gas on the continental shelf of Vietnam in strict accordance with the UN Convention on the Law of the Sea of 1982," the statement said.

On Thursday, Putin and his Vietnamese counterpart Tran Dai Quang held meeting in Moscow during the visit of the Vietnamese delegation to the Russian capital.

The Vietnamese leader arrived in Moscow for an official visit Wednesday. Tran has already spoken with Russian parliament's upper house speaker Valentina Matvienko in a meeting devoted to the development of parliamentary cooperation. The visit is expected to conclude on July 1.

The relations between Moscow and Hanoi have been developing, as the latter is one of the biggest consumers of Russian military equipment. Vietnam signed a free trade agreement with the Eurasian Economic Union (EAEU) on May 29, 2015.