The Joint Operating Company Vietgazprom has been given a commendation award for outstanding achievement in the exploration, prospecting and extraction of oil and gas in 2010 by Vietnam's Ministry for Industry and Trade. Minister Vu Hiu Hoang officially presented the award to Vietgazprom's Managing Director, Valery Petrenko.

Commendation awards were also given to a number of members of staff of the joint oil-and-gas companies that have made a significant contribution to oil-and-gas exploration, prospecting and production work - in particular, to Sergey Mikhailenko, Vietgazprom's Director of Geological Exploration.

The ceremonial presentation of the award took place within the scope of a new year meeting, connected with the upcoming lunar calendar New Year. The meeting was held by the Vietnamese oil-and-gas group, PetroVietnam, on 24 January in Ho Chi Minh city.

The delegation from was headed up by the company's Managing Director, Valery Petrenko. Representatives from all the foreign and joint oil-and-gas companies conducting business activities on Vietnamese soil - Pearl Oil, Petronas Vietnam, Salamander Energy, Schlumberger Vietnam Services, Vietsovpetro, Zarubezhneft, Shell Vietnam and many others - took part in the meeting, which took place in the Unity Residence.

Vu Huy Hoang (the Socialist Republic of Vietnam's Minister for Industry and Trade), Ho Xuan Son, (deputy Minister for Foreign Affairs), Dinh La Thang (Chairman of the Board of directors of VNG), Phung Dinh Thuk (Chief Executive of VNG) and other managers from PetroVietnam were present at the meeting.

Opening the meeting, Mr. Phung Dinh Thuk spoke of the achievements made by PetroVietnam in 2010, despite the consequences of the world economic crisis. In particular, the overall volume of production reached 24.41 million tonnes of oil equivalent, which amounted to 106% of the annual planned figure. Income from all sectors is estimated to be 478.4 trillion Vietnamese Dong, which is 145% of the annual planned figure. This figure exceeded the 2009 amount by 59%.

The signing of seven oil-and-gas contracts were also amongst the corporation's achievements, including one foreign contract, along with the opening of seven new oil-and-gas deposits. Mr. Phung Dinh Thuk reported that the increase in stocks of hydrocarbons amounted to 43 million tonnes. PetroVietnam put five oil-and-gas deposits and five oil-and-gas regions into operation in 2010.

The honour of addressing the event was granted to both representatives of the joint and foreign companies, including the Managing Director of Vietgazprom, Valeri Petrenko. He spoke to the attendees about the establishment and growth of the company Vietgazprom, about the fruitful collaboration between Gazprom and VNG PetroVietnam, and he also wished all those present a Happy New Year.