Brunei-Russia trade volume jumped to US$25m last year

National 1 minute, 33 seconds

BANDAR SERI BEGAWAN

TRADE volume between Brunei and Russia skyrocketed from US$31,000 in 2014 to US$25 million last year as a result of gains in the energy sector, said the Russian ambassador here.

Vladlen Stanislavovich Semi-volos told The Brunei Times that private Russian oil company, Lukoil, has already signed contracts to purchase several batches of crude oil from Brunei.

Lukoil has already made a purchase this month for US$25 million, and will acquire another batch soon for the same amount, he said.

The ambassador said Lukoil and Brunei counterparts are currently exploring opportunities to develop various energy-related projects.

“We are committed to enhance joint efforts in elevating trade and economic cooperation to new heights in many fields, including oil and gas, transport, infrastructure, agriculture and halal products, communications and biotechnology, tourism and trade,” said Semivolos.

He cited the first Russian business mission to Brunei last August, where representatives of major Russian companies from energy to tourism industries visited to establish direct contacts with their Bruneian counterparts.

“The visit underscored that our countries have huge potential for further development of joint economic activities. A number of bilateral documents were signed by the companies from the two countries, thus laying down a reliable framework for specific projects to be elaborated today,” the ambassador continued.

Also, Semivolos said the major achievement of the business mission is the signing of the letter of intent to establish a Russia-Brunei Business Council.

“We expect an agreement as well as other mutually beneficial commercial contracts to be concluded during the reciprocal visit of a business delegation from Brunei to Russia this year, which will be a significant contribution to the programme of the jubilee year in our relations,” he said.

He added: “We view the upcoming visit, which is now being prepared, as a continuation of the process launched in Bandar Seri Begawan last August.”

The Brunei Times