Petrovietnam, Petronas to boost renewable energy cooperation

Petrovietnam and Petronas, two state-owned oil & gas giants of Vietnam and Malaysia, will further cooperate in renewable energy, including exchange of information, knowledge, and experiences.

The two sides signed a memorandum of understanding (MoU) for the move on Thursday on the sidelines of Vietnam's Party General Secretary To Lam’s visit to Malaysia.

The signing followed a memorandum of cooperation (MoC) signed between Petrovietnam and Petronas in November 2023. The MoC covers potential collaboration in decarbonization efforts, development of solutions in sustainable energy, LNG, and petrochemicals. The two sides will also collaborate in energy transition.

Petrovietnam highlighted the fruitful cooperation with Petronas in the last three decades, especially in the upstream and downstream activities.

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 reaped revenue of VND820.4 trillion ($32.27 billion) in the first 10 months of this year, going up 10% year-on-year and approaching the annual target of VND1,000 trillion.

In the 10-month period, its crude oil exploitation reached 8.25 million tons, or 0.6% above the full-year target. Power generation reached 23.37 billion kWh, up 19.6% year-on-year.

As part of To Lam’s ongoing visit to Malaysia, the two countries upgraded their relationship to a comprehensive strategic partnership, the top-tier of Vietnam’s diplomatic hierarchy.

Malaysia became the ninth nation to have a comprehensive strategic partnership with Vietnam, after China, Russia, India, South Korea, the United States, Japan, Australia, and France.