Aramco/Petrovietnam in tie-up to explore trading of petchem products

Aramco, one of the world’s leading integrated energy and chemicals companies, has signed a collaboration framework agreement with Vietnam Oil and Gas Group (Petrovietnam). The agreement was formalised during an official visit by the Prime Minister of Vietnam, 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 FII 8th Edition 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 Collaboration Framework Agreement between Petrovietnam and Aramco is a strategic step, which is evidence of the strong cooperative relationship between Petrovietnam.”