Aramco and PetroVietnam sign collaboration framework agreement

October 31, 2024 | 10:30

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Aramco, one of the world's leading integrated energy and chemicals companies, has signed a collaboration framework agreement with state-owned oil and gas group PetroVietnam.

Aramco and PetroVietnam sign collaboration framework agreement

The agreement was formalised on October 29 during an official visit by Prime Minister Pham Minh Chinh to 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 eighth edition of the Future Investment Initiative conference in Riyadh with a view to identifying potential opportunities to optimise 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 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 Vietnam and Saudi Arabia in general.”

At the meeting with PM Chinh in Riyadh, Aramco president and CEO Amin Al-Nasser said Vietnam is a potential and important market in the region. Aramco will continue negotiations with Petrovietnam to explore investment opportunities in the Southeast Asian nation.

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By Thanh Van

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