Aramco has signed a Collaboration Framework Agreement with Vietnam Oil and Gas Group, Petrovietnam, to explore opportunities for cooperation in storage and the supply and trading of energy and petrochemical products.

The agreement was signed during the FII 8th Edition in Riyadh with a view to identifying potential opportunities to optimize operations and unlock additional value.

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

“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,” Al Qahtani added.

For his part, Le Ngoc Son, Petrovietnam CEO, said: “The signing of the Collaboration Framework Agreement between Petrovietnam and Aramco is a strategic step, which is evidence of the strong cooperative relationship between Petrovietnam and Aramco in particular, and between the Socialist Republic of Viet Nam and the Kingdom of Saudi Arabia in general.”