Saudi Aramco, Petrovietnam sign framework cooperation deal

The signing of the agreement

Saudi Aramco signed a framework cooperation agreement with Vietnam Oil and Gas Group (Petrovietnam) during an official visit by the Vietnamese Prime Minister to the Kingdom. 

According to a statement released by Aramco, the agreement paves the way for potential cooperation in the areas of energy storage, supply, as well as trading of energy and petrochemical products.

The agreement was signed during the 8th Future Investment Initiative (FII) conference in Riyadh, aiming to identify potential opportunities for enhancing business and creating additional value.

Reuters earlier reported that Saudi Aramco is looking to invest in Vietnam's oil refining and fuel distribution sectors. The announcement came after a meeting between Prime Minister of Vietnam, Pham Minh Chinh, and Aramco President & CEO, Amin Nasser, in Riyadh.