30-10-2024 (HANOI) Saudi Arabia’s state-owned oil giant Aramco has unveiled ambitious plans to establish a significant presence in Vietnam’s oil refinery and petroleum distribution sectors, marking a potential milestone in energy cooperation between the two nations.
The announcement emerged following crucial talks between Vietnamese Prime Minister Pham Minh Chinh and Aramco’s Chief Executive Officer Amin Al-Nasser in Riyadh, as part of the Prime Minister’s diplomatic mission to the Middle East.
In a statement released by the Vietnamese government, Aramco highlighted Vietnam’s strategic importance as a regional player in the energy sector. While specific investment figures and timelines remain undisclosed, the oil giant has requested Vietnamese authorities to facilitate favourable conditions for collaboration with local partners.
The development represents a significant expansion of Aramco’s involvement in Vietnam, where its activities have thus far been limited to crude oil sales. Strengthening these ties, Aramco and Vietnam Oil and Gas Group (PVN) formalised their commitment to enhanced cooperation by signing a memorandum of understanding focusing on oil and gas trade operations.
