Petrovietnam, Vitol deepen energy cooperation

State-owned Petrovietnam and Singapore-headquartered Vitol Asia Pte. Ltd. in late May signed their first crude oil supply deal for the Nghi Son Refinery and Petrochemical complex, marking a concrete step in implementing a broader energy partnership.

Nghi Son, one of Vietnam's oil refineries, is located in the central province of Thanh Hoa. Vitol Asia Pte. Ltd. is the regional headquarters for Asia-Pacific and a primary subsidiary of Vitol Group, the world's largest independent energy trader.

The two sides have also agreed to expand cooperation across the energy sector, including crude oil, gasoline products, LNG, and strategic storage infrastructure, according to a release posted on Petrovietnam's website late last week.

The discussions took place on May 29 during a working visit by a Petrovietnam delegation led by general director Le Manh Cuong to Singapore, on the sidelines of Vietnamese Party chief and President To Lam's state visit to the city-state.

The two sides reviewed progress in implementing an MoU signed earlier in Singapore and discussed future cooperation opportunities in areas aligned with their respective strengths and business needs.

As part of the visit, Nghi Son Refinery Products Distribution Branch (PVNDB), acting under authorization from Petrovietnam, signed a crude oil purchase agreement with Vitol to supply a cargo of crude oil to the Nghi Son Refinery and Petrochemical complex (NSRP).

The signing ceremony was witnessed by Minister of Industry and Trade Le Manh Hung, Petrovietnam general director Le Manh Cuong and representatives of Vitol.

The transaction marks the first crude oil supply deal between Petrovietnam and Vitol for NSRP and represents the first concrete commercial outcome under the MoU between the two companies.

Petrovietnam said the agreement would help diversify crude supply sources for NSRP and strengthen its ability to secure feedstock for one of Vietnam's largest refining facilities.

Speaking at the signing ceremony, Minister Le Manh Hung praised Petrovietnam and PVNDB for securing crude oil supplies for NSRP, helping ensure the refinery's stable operations and contributing to domestic fuel supply and national energy security.

Petrovietnam CEO Le Manh Cuong said the agreement demonstrated the ability of both parties to quickly translate strategic cooperation into tangible business results.

He added that Petrovietnam intends to expand its participation in international energy trading, not only to secure crude oil supplies for domestic refineries but also to strengthen its crude trading capabilities in regional markets through cooperation with global partners like Vitol.

Both companies agreed to continue exploring additional opportunities for practical and commercially viable cooperation.

Petrovietnam said closer ties with leading international energy firms would support its efforts to enhance competitiveness, expand global trading activities and contribute to Vietnam's long-term energy security objectives.

The giant is Vietnam's national energy group, operating across five core sectors: oil and gas exploration and production, gas industry, oil refining and petrochemicals, power and renewable energy, and high-quality technical services.

Vitol Group is one of the world's largest independent energy and commodities traders. In addition to its trading business, the company has invested more than $13 billion in long-term infrastructure assets globally.

Founded in Rotterdam in 1966, Vitol operates through around 40 offices worldwide and reported revenue of more than $340 billion in 2025.