DMEA: Aramco, Petrovietnam sign collaboration framework agreement

Saudi Aramco has signed a collaboration framework agreement (CFA) with Vietnam Oil and Gas Group (PetroVietnam), laying the groundwork for future cooperation between the two companies.

Announced by Aramco in a statement on October 30, the agreement was signed during an official visit by Vietnam’s Prime Minister Pham Minh Chinh to Saudi Arabia during the FII 8^th Edition in Riyadh – part of a plan by Saudi Arabia to unlock additional value and identify potential opportunities to optimise operations.

With the deal in place, Aramco and PetroVietnam could soon be working together on supply and trading of energy and petrochemical projects – as well as projects related to storage.

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

Aramco’s deal with Vietnam is part of a broader strategy by the company to diversify its operations to Asia, with the company aiming to focus more on the region’s petrochemical potential. Last week, Bloomberg revealed that Aramco had halted plans to move forward with numerous refinery and chemicals projects in Saudi Arabia as part of this plan.

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