PETRONAS and Petrovietnam agree to widen energy partnership
The strategic alliance sets out cooperation in exploration, gas, downstream activities and low-carbon solutions, PETRONAS said.
A strategic alliance agreement signed by PETRONAS and Vietnam National Industry–Energy Group (Petrovietnam) aims to build on their 35-year relationship. PETRONAS said the arrangement is intended to support energy security, sustainability and growth over the long term.
According to PETRONAS, the framework covers cooperation in downstream activities and low-carbon solutions, alongside exploration for oil and gas, natural gas and liquefied natural gas (LNG). The companies said they would keep collaborating to meet Vietnam’s energy needs while extending their regional energy cooperation.
Tan Sri Tengku Muhammad Taufik, president and group CEO of PETRONAS, signed alongside Le Manh Cuong, president and CEO of Petrovietnam. Le Minh Hung, the Vietnamese Prime Minister, witnessed the signing.
PETRONAS’s operations in Vietnam date to 1991. Its investments there cover petrochemicals, LNG, renewable energy, and oil and gas. The company is also involved in a three-country renewable energy initiative bringing together Vietnam, Malaysia and Singapore.
