SONATRACH and the Vietnamese company Petrovietnam Exploration Production Corporation Ltd. (PVEP), signed, yesterday, a Memorandum of Understanding in view to promote bilateral cooperation in the oil and gas sector, on the basis of principles of equality, reciprocity and mutual benefits.

This Memorandum of Understanding was signed by the Chairman & Chief Executive Officer of SONATRACH, Mr. Nour Eddine DAOUDI and the Chairman & Chief Executive Officer of PVEP, Mr. Thien Bao NGUYEN, during a ceremony held in the presence of the Prime Minister Mr. Sifi GHRIEB and his Vietnamese counterpart Mr. Pham Minh CHÍNH.

This Memorandum of Understanding is particularly focused on cooperation in the framework of exploration, development and/ or production of hydrocarbons projects in Algeria and / or abroad, which encompasses downstream Activities (refinery) and technical services (engineering, petroleum operations.) as well as oil and LNG trading.

The Memorandum of Understanding deals also with the exchange of expertise in the matters of low carbon emissions solutions (CCS, CCUS, GHG..) and Research & Development. It also provides for knowledge sharing and improvement of professional skills.

As a reminder, Petrovietnam Exploration Production Corporation Ltd. (PVEP) has been a long-standing partner of SONATRACH. Subsidiary of the Vietnamese State-owned company Petrovietnam, it is specialized in hydrocarbon exploration and production and plays a paramount role in Vietnam’s economy, it also operates internationally.

The signing of this Memorandum of Understanding constitutes a major step forward in the field of energy cooperation between Algeria and Vietnam and expresses SONATRACH’s endeavour to expand its partnerships worldwide.

About Sonatrach

SONATRACH is a fully integrated oil and gas company operating across the entire value chain, particularly in exploration, production, pipeline transport, refining and marketing.
As a cornerstone of Algeria’s economy, SONATRACH is the guarantor of national energy security, contributing up to 26% of Algeria’s GDP and 50% of national fiscal revenues.
SONATRACH is also an integrated Group with more than 150 subsidiaries and affiliates, SONATRACH employs, at the group’s level nearly 200,000 people.

About Petrovietnam

Vietnam Oil and Gas Group (Petrovietnam or PVN), formerly the Vietnam Oil and Gas General Department, is a state-owned corporation established on September 3, 1975. Petrovietnam operates in the energy sector, including oil, gas, and renewable energy. With more than 40 years of development, Petrovietnam has grown into a fully integrated business covering exploration and production, refining and petrochemicals, the gas industry, gas-to-power/fertilizer, and petroleum technical services. As a leading corporation, the group plays a key role in driving national economic growth, developing highly qualified human resources, promoting international integration, and expanding overseas investment.