PUTIN HANDS OUT RUSSIAN STATE HONORS IN HANOI








HANOI, March 1, 2001. /Marianna Shatikhina, RIA Novosti Correspondent/. Vladimir Putin has handed Russian state honors to Russian and Vietnamese managers and workers of Vietsovpetro, Petrovietnam, and Zarubezhneft companies.


	Speaking at the decoration ceremony, the Russian President said that successful operation of the Vietsovpetro enterprise is "a good example for other branches of the economy." A joint venture founded nearly two decades ago, not only has Vietsovpetro become a leader of Vietnamese economy, but also one of the world's most efficient oil production facilities.


	"Vietsovpetro is the basic mainstay of economic interaction between Vietnam and Russia," said the Russian head of state. This achievement is primarily due to savvy management and professional work of the staff.


	This year, Vietsovpetro is set to hit the all-time high of 100 million tons of oil produced. The profits of the company make 20 percent of Vietnamese budgetary hard currency proceeds and brings $0.5m in Russia's coffers.


	The Russian head of state added that the operations of such companies as Petrovietnam and Zarubezhneft built up a solid basis for furthering Russia and Vietnam's interests in South East Asia and the Pacific.


	Vladimir Putin also mentioned a projected new Russian-Vietnamese oil refinery, named Vietros, with an annual output expected to be 6.5 million tons of oil per annum. When the construction of this refinery is completed, Vietnam's oil industry will run a full cycle, from producing oil to selling it. Joint Russian-Vietnamese projects like these are symbolic of friendship between the peoples of the two countries, Russian President remarked.