SOGAZ Insurance Group and Vietnam-based PetroVietnam Insurance Joint Stock Corporation (PVI) signed a contract for insurance services. The document was signed by Vadim Yanov, Chairman of the Management Board of SOGAZ, and Nguyen Anh Tuan, PVI’s Chairman of the Board of Directors, on December 16, 2009 in Moscow in the course of a business visit of the Vietnamese delegation to Russia and summits within the framework of this visit.

The contract involves cooperation of the companies in the field of insurance and reinsurance of projects involving JSC Gazprom in the Socialist Republic of Vietnam, projects involving Vietnam National Oil and Gas Group in the Russian Federation and other energy projects involving Russian and Vietnamese companies in different parts of the world. The parties agreed upon information and experience exchange and mutual methodological and organizational support. The contract has been signed for 1 year with the possibility of renewal.
According to Vadim Yanov, a combination of efforts of Russian and Vietnamese leaders in the insurance of energy and industry risks will provide for increase in the scope of insurance and reinsurance operations. “The contract between SOGAZ and PVI will make it possible to significantly expand cooperation between the companies in the area of insurance and reinsurance of new Russian and Vietnamese projects in the field of exploration, development, transportation and sales of gas and oil, nuclear power engineering and other strategic projects”, emphasized Mr. Yanov.

PVI was established in 1996 and is the largest insurance company of Vietnam in terms of authorized capital and total assets. Since 2006 the company has been part of Vietnam National Oil and Gas Group, the leading Vietnamese energy corporation. As of the end of 2008, PVI was the leader of Vietnam’s insurance market in all types of insurance other than life insurance. The corporation’s insurance premium exceeds 2 trillion dongs ($110 million). PVI specializes in insurance of oil and gas companies: 100% of energy risks in Vietnam is insured by PVI. The company actively participates in the reinsurance of risks of corporate partners and customers all over the world.
PVI and SOGAZ have a past experience of joint work in insurance and reinsurance of large energy projects. Since 2006 both companies have been participating in the insurance and reinsurance of projects in the field of exploration and development of hydrocarbon deposits on the continental shelf of Vietnam, carried out by Vietgazprom, a joint operating company of JSC Gazprom and Petrovietnam.