Malaysian energy giant Petronas and its Vietnamese counterpart PetroVietnam are exploring potential collaboration opportunities in the upstream, downstream, renewable energy, and gas sectors in Vietnam.
On November 8, Petronas and PetroVietnam signed a Memorandum of Cooperation that covers potential collaborations on decarbonisation efforts and the development of sustainable energy solutions, liquefied natural gas, and petrochemicals.
Tan Sri Tengku Muhammad Taufik, president and group CEO of Petronas said, "This collaboration signifies the shared aspiration of Petronas and PetroVietnam to provide more energy responsibly to fuel economic growth, moving us closer to a lower-carbon future."
"In fulfilling our responsibilities as national energy companies, we look forward to combining our technological capabilities and expertise to develop energy solutions in both hydrocarbons and clean energy. The ambition of both companies is to continue offering our respective countries and the region pragmatic solutions as part of a practical and responsible pathway towards a just energy transition," Taufik added.
Petronas made its first foray in Vietnam in 1991. As a pioneer investor in the country’s upstream sector, it forged strategic partnerships with the host authority and key industry players in advancing Vietnam's oil, gas, and petrochemical industries.
Le Manh Hung, president and CEO of PetroVietnam said, "As active members in ASEAN and the ASEAN Council on Petroleum, PetroVietnam and Petronas have been working closely to share information, knowledge, and best practices. With a close geographical connection and the strong relationship between Vietnam and Malaysia, it is expected that PetroVietnam and Petronas will continue to contribute significantly to a prosperous ASEAN community."
This year marks the 50th anniversary of the establishment of diplomatic relations between Vietnam and Malaysia. The cooperative relationship between the two nations has developed strongly over the past 50 years in all fields, especially economic and trade cooperation.
As national oil companies, both PetroVietnam and Petronas have collaborated to contribute to bringing economic benefits to both countries. For more than 30 years, they have cooperated effectively in the oil and gas sector in both upstream and downstream, overcoming the ups and downs of the oil and gas industry and becoming reliable partners.
The two sides aim for long-term and deep cooperation as they explore new opportunities in the energy transition process.
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