Aramco and Petrovietnam sign agreement for energy collaboration

Aramco and Petrovietnam have signed a collaboration framework agreement aimed at exploring joint opportunities in the storage, supply, and trading of energy and petrochemical products. The agreement, signed during the official visit of Vietnamese Prime Minister Pham Minh Chinh to Saudi Arabia, sets the stage for potential cooperation across the hydrocarbon value chain, enhancing energy security and economic ties between the two nations.

“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,” said Mohammed Y. Al Qahtani, Aramco Downstream president.

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.”

This agreement underscores Aramco and Petrovietnam’s commitment to developing sustainable energy solutions and expanding their reach within the global market.