“The Party, the government and people highly value the achievements and contributions the enterprise has made over the past 28 years, which have helped Vietnam overcome many difficulties,” said State President Nguyen Minh Triet at the event.

He noted that the enterprise has grown and flourished in recent times capable of cooperating with international partners in exploiting oil and gas around the world.

Since 1981, Vietsovpetro has tapped 180 million tonnes of oil and 20 million cubic metres of gas from Bach Ho (White Tiger) and Rong (Dragoon) oil fields. It has gained turnover of US$46 million and contributed US$30 billion to the State budget.

Vietsovpetro general director Nguyen Huu Tuyen said the enterprise has recently discovered oil in Thien Ung field within the Vietnamese continental shelf. It is preparing for a new operation mechanism to help the enterprise further develop in the future.

“I believe that Vietsovpetro will still be the symbol for friendship and long-term cooperation between Vietnam and Russia after 2010,” said Mr Tuyen.

At the ceremony, Russian Deputy Minister of Energy Svetlisky Stanilav Iurevitch said that the Russian government highly appreciates Vietsovpetro’s operation, becoming a leading company in the oil and gas industry in Vietnam.

“Both governments are determined to create the most favourable conditions for Vietsovpetro to operate more efficiently,” he said.