Saudi Aramco seeks to invest in Vietnam, partner with Petrovietnam
State-owned Saudi Arabian Oil Group (Aramco), the world’s largest oil producer, is eyeing to invest in petrochemical-oil refining and petroleum distribution in Vietnam, said president and CEO Amin Hassan Nasser.
The executive made the statement at a Tuesday meeting with Vietnamese Prime Minister Pham Minh Chinh on the sidelines of the 8th Future Investment Initiative (FII) in Riyadh.
He highlighted Vietnam’s market potential and called on the country's authorities to facilitate Saudi Aramco’s cooperation with Vietnamese partners.
Vietnamese Prime Minister Pham Minh Chinh (right) and Aramco president and CEO Amin Al-Nasser at a meeting in Riyadh, Saudi Arab, October 29, 2024. Photo courtesy of the government's news portal.
Welcoming the suggestion, Chinh emphasized Vietnam’s advantages, including the long coast of 3,000 kilometers to help approach the Asian market and state-owned Petrovietnam’s experiences and strong workforce for upstream, midstream, and downstream activities.
He suggested Saudi Aramco invest in petrochemical-oil refining and warehouse-distribution activities in Vietnam to serve regional and global markets beyond Vietnam.
The government chief also recommended the company join commercial activities such as those related to products of crude oil, LNG, plastics, and fertilizer.
Vietnam is improving its investment environment by streamlining administrative procedures and upgrading infrastructure. The country will facilitate Saudi Arabian businesses, including Saudi Aramco, Chinh added.
Executives of Petrovietnam and Aramco sign an agreement in Riyadh, Saudi Arab on October 29, 2024. Photo courtesy of Petrovietnam.
After the meeting, Saudi Aramco and Petrovietnam signed a memorandum of understanding in commercial oil-gas activities. The two sides will focus on hydrocarbon value chains, especially in downstream activities.
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