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Aramco and Petrovietnam Sign Collaboration Framework Agreement

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Aramco has signed a Collaboration Framework Agreement with Vietnam Oil and Gas Group (Petrovietnam).

The agreement was formalized during an official visit by Vietnamese Prime Minister Pham Minh Chinh to the Kingdom.

A press release issued by Aramco states that the agreement paves the way for potential cooperation spanning the storage, supply and trading of energy and petrochemical products.

The document was signed during the 8th edition of the Future Investment Initiative conference in Riyadh with a view to identifying potential opportunities to optimize operations and unlock additional value.

Aramco Downstream President Mohammed Y. Al Qahtani 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.’

Meanwhile, the
Petrovietnam CEO Le Ngoc Son 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 Vietnam and the Kingdom of Saudi Arabia in general.’

Source: Saudi Press Agency

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