Petronas and Petrovietnam sign pact covering energy and low-carbon opportunities
The strategic alliance marks 35 years of collaboration and includes plans to explore upstream, downstream, gas and LNG opportunities.
Malaysia's Petroliam Nasional Bhd (Petronas) has signed a strategic alliance with Vietnam National Industry–Energy Group (Petrovietnam), broadening their cooperation across energy activities. The companies will examine opportunities in low-carbon solutions, upstream development, downstream businesses, gas and liquefied natural gas (LNG).
The pact commemorates their 35-year partnership. Signing it at Petrovietnam's headquarters were Tan Sri Tengku Muhammad Taufik, Petronas president and group chief executive officer, and Le Manh Cuong, Petrovietnam president and chief executive officer.
Vietnamese Prime Minister Le Minh Hung later witnessed a document exchange at the government's headquarters. Tengku Muhammad Taufik participated alongside Petrovietnam chairman Le Ngoc Son.
Petronas said its commitment to Vietnam's changing energy requirements continued, alongside efforts to identify further scope for regional energy cooperation.
Petronas entered Vietnam in 1991 among the early foreign investors in upstream oil and gas. Partnerships with Vietnamese companies, including Petrovietnam, have since extended its presence to LNG, petrochemicals and renewable energy. The two companies also cooperate on regional ventures, including a renewable energy project involving Malaysia, Vietnam and Singapore.
