- Companies to explore opportunities for cooperation in storage and the supply and trading of energy and petrochemical products
- Agreement signed during official visit by the Prime Minister of Viet Nam, H.E. Pham Minh Chinh, to the Kingdom of Saudi Arabia
Aramco, one of the world’s leading integrated energy and chemicals companies, has signed a Collaboration Framework Agreement with Vietnam Oil and Gas Group (Petrovietnam). The agreement was formalised during an official visit by the Prime Minister of Viet Nam, H.E. Pham Minh Chinh, to the Kingdom of Saudi Arabia.
It paves the way for potential cooperation spanning the storage, supply and trading of energy and petrochemical products. The agreement was signed during the FII 8th Edition in Riyadh with a view to identifying potential opportunities to optimize operations and unlock additional value.
Mohammed Y. Al Qahtani, Aramco Downstream President, said: “This agreement lays the foundation for potential collaboration across the hydrocarbon value chain. We look forward to exploring multiple opportunities with Petrovietnam that complement Aramco’s global downstream ambitions, contribute to Petrovietnam’s own strategy, and reinforce Asia’s importance in global energy and petrochemicals markets.”
Le Ngoc Son, Petrovietnam CEO, said: “The signing of the Collaboration Framework Agreement between Petrovietnam and Aramco is a strategic step, which is evidence of the strong cooperative relationship between Petrovietnam and Aramco in particular, and between the Socialist Republic of Viet Nam and the Kingdom of Saudi Arabia in general.”
About Aramco
Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world.
About Petrovietnam
Vietnam Oil and Gas Group (Petrovietnam or PVN), formerly Vietnam Oil and Gas General Department, was a state-owned corporation established since September 3rd, 1975. Petrovietnam is engaged in the energy sector, including oil and gas and renewable energy. Petrovietnam has been growing into a fully integrated business model, ranging from exploration - production, refinery – petrochemical, gas industry, gas to power/fertilizer and petroleum technical services. As a leading corporation, the group has a key role in accelerating national economic growth, high-qualified human resources development, international integration and overseas investment.