On October 30, 2024, in Riyadh, Aramco, the Saudi Arabian oil giant, formally signed a Collaboration Framework Agreement with the Vietnam Oil and Gas Group (Petrovietnam). This agreement was concluded during the official visit of Vietnamese Prime Minister Pham Minh Chinh to the Kingdom, marking a significant step forward in energy cooperation between the two nations.
According to a press release issued by Aramco, the agreement opens avenues for potential collaboration that encompasses the storage, supply, and trading of energy and petrochemical products. This strategic partnership aims to identify opportunities to optimize operations and unlock additional value across the hydrocarbon value chain.
The document was signed during the 8th edition of the Future Investment Initiative conference in Riyadh, an event that showcases investments and collaborations that align with the global energy transition and sustainable development goals. Mohammed Y. Al Qahtani, President of Aramco Downstream, emphasized the importance of this agreement, stating, “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.”
Petrovietnam CEO Le Ngoc Son also expressed enthusiasm about the collaboration, stating, “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 Vietnam and the Kingdom of Saudi Arabia in general.”
This partnership not only highlights the increasing cooperation in the energy sector between Saudi Arabia and Vietnam but also reflects a broader commitment to enhancing energy security and sustainability in the Asia-Pacific region.