Russia, Vietnam discuss creating strategic oil reserve in country, LNG supplies - Russian deputy PM

MOSCOW. June 4 (Interfax) - Russia is considering the possibility of creating a strategic oil reserve in Vietnam, Russian Deputy Prime Minister Alexander Novak told journalists following a meeting with Vietnamese First Deputy Prime Minister Pham Gia Tuc on the sidelines of the 2026 St. Petersburg International Economic Forum (SPIEF 2026).

"We talked, among other things, about creating a strategic reserve and the participation of Russian companies in order to provide support to Vietnam," Novak said.

The topic of LNG supplies was also touched upon during the negotiations, he said.

"Vietnam is interested. Work on specific contractual agreements is being conducted directly between companies. The most important thing is that there is a political decision," he said.

As reported, Novatek is conducting negotiations on supplies of Russian LNG to Vietnam. The company expects to launch exports in the amount of 1 million tonnes per year.