“Under the main clauses of the deal Gazprom Neft receives the exclusive rights to negotiate with Petrovietnam over purchasing of a share of the refinery,” the statement said.
The statement added that Gazprom Neft will finance the upgrading of Dung Quat proportionally to its share.
The deal is a part of several agreements that Russian Prime Minister Dmitry Medvedev and Vietnamese authorities signed Monday in the Vietnam capital of Hanoi to broaden energy cooperation between the two counties.
Last year, Gazprom Neft and Binh Son Refining and Petrochemical Company signed a deal over the supply of Russian oil to Dung Quat refinery.
Launched in 2010, Dung Quat produces about 30 percent of the oil products consumed in Vietnam.