Petrovietnam, Petronas ink wide-ranging cooperation pact

Petrovietnam and Petronas, national oil companies of Vietnam and Malaysia, respectively, have signed a memorandum of cooperation (MoC) in renewable energy, gas, upstream and downstream sectors.

In a Tuesday announcement, Petronas said the agreement was signed by Petronas president and CEO Muhammad Taufik and Petrovietnam president and CEO Le Manh Hung. The MoC covers potential collaboration in decarbonization efforts, the development of solutions in sustainable energy, LNG, and petrochemicals.

“In fulfilling our responsibilities as national energy companies, we look forward to combining our technological capabilities and expertise to develop energy solutions in both hydrocarbons and cleaner energy,” said the executive of Petronas.

Petronas entered Vietnam in 1991 and as a pioneer investor in the country’s upstream sector, forged strategic partnerships with host authorities and key industry players in advancing Vietnam's oil, gas, and petrochemical industries.

Petrovietnam earned revenues of VND745 trillion ($30.68 billion) in the first 10 months of 2023, exceeding the annual target by 10%. During this period, it contributed VND121 trillion ($4.98 billion) to the state budget, 54% more than the full-year target, the firm said Monday.

In the 10-month period, Petrovietnam exploited 8.7 million tons of crude oil, 13.1% above the January-October target; 6.73 billion cubic meters of gas, 9.7% above target; and generated 19.54 billion kWh, 1.7% above target.