TNK-BP Ltd. said Monday it has signed an agreement with Vietnam Oil & Gas Group, or PetroVietnam, that supports the Anglo-Russian oil producer's bid to buy assets from U.K. oil major BP PLC (BP) in Vietnam.

"PetroVietnam will support TNK-BP's entry to the Vietnamese oil and gas market through the acquisition of BP's stake in upstream gas producer Block 6-01 and also will support TNK-BP's intention to further expand its downstream and upstream business in Vietnam ," TNK-BP said in a statement.

BP, which owns half of TNK-BP, last month agreed to sell assets in Vietnam and Venezuela to TNK-BP for $1.8 billion as part of a larger program to cover costs of the Gulf of Mexico oil spill.

TNK-BP are in talks with PetroVietnam to create a joint venture with the intention to develop upstream projects in Russia , the company said.

TNK-BP will also consider the further supply of crude oil on a long- term basis to Vietnam through the ESPO pipeline.
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