Saudi Aramco, Petrovietnam collaborate on energy, petrochemical trades

SINGAPORE (ICIS)–State-owned energy companies Saudi Aramco and Vietnam Oil and Gas Group (Petrovietnam) will explore opportunities in storage, supply and trading of energy and petrochemical products.

The two companies signed a collaboration framework agreement during a state visit of Vietnam Prime Minister Pham Minh Chinh to Saudi Arabia on 30 October, Aramco said in a statement.

“This agreement lays the foundation for potential collaboration across the hydrocarbon value chain,” Aramco downstream president Mohammed Al Qahtani said.

“We look forward to exploring multiple opportunities with Petrovietnam that complement Aramco’s global downstream ambitions, contribute to Petrovietnam’s own strategy, and reinforce Asia’s importance in global energy and petrochemicals markets,” he said.

Saudi Aramco, which is the world’s biggest crude exporter, has been diversifying its business by heavily investing in petrochemicals.

Vietnam is one of the fast-growing emerging economies in southeast Asia. It recently started up its first integrated petrochemical complex, which is operated by Long Son Petrochemical – a wholly owned subsidiary of SCG (Siam Cement Group) Chemicals.