PetroVietnam joins hands with Petronas to expand cooperation in renewable energy development

In the presence of General Secretary To Lam and Malaysian Prime Minister Anwar Ibrahim, PetroVietnam Chairman of the Board of Directors Le Manh Hung and Petronas General Director Tengku Taufik presented a Memorandum of Understanding on cooperation between the two corporations on renewable energy.

In the presence of General Secretary To Lam and Malaysian Prime Minister Anwar Ibrahim, Petrovietnam Chairman of the Board of Directors Le Manh Hung (left) and Petronas General Director Tengku Taufik exchanged a Memorandum of Understanding on cooperation between the two groups on renewable energy. (Source: VNA)

On November 21, in Malaysia, witnessed by General Secretary To Lam and Malaysian Prime Minister Anwar Ibrahim, the Vietnam National Oil and Gas Group (PetroVietnam) and the Malaysian National Oil and Gas Group (Petronas) signed a Memorandum of Understanding on cooperation on renewable energy.

Within the framework of the official visit to Malaysia, on the afternoon of November 21, right after the high-level talks, General Secretary To Lam and Malaysian Prime Minister Anwar Ibrahim co-chaired a press conference, announcing the upgrading of relations to a Comprehensive Strategic Partnership between the two countries.

Attending the press conference were leaders of several ministries and central agencies. Also attending, on the PetroVietnam side was Mr. Le Manh Hung, Chairman of the Board of Directors of the Group.

Speaking at the press conference, General Secretary To Lam said that Vietnam and Malaysia have upgraded their relationship to a Comprehensive Strategic Partnership. The main pillars of the Comprehensive Strategic Partnership include: Strengthening trust and cooperation in politics, defense, and security, creating a solid foundation for the relationship, contributing to ensuring a peaceful and stable environment for development through increasing delegation exchanges and cooperation at all levels and channels; effectively implementing existing dialogue and cooperation mechanisms, and at the same time studying the establishment of new mechanisms suitable to the needs and interests of both sides in the new context.

Promote connectivity between the two economies: Strive to soon bring bilateral trade turnover to 18 billion USD or higher, in a balanced and mutually beneficial direction; Strengthen cooperation in developing the Halal industry: Encourage enterprises of one country to expand investment in the other country's market; Commit to cooperation to ensure benefits from oil and gas cooperation and consider establishing a regional mechanism for cooperation development in overlapping areas, if any.

The two sides will strengthen cooperation in new areas (such as green economy, innovation, science and technology, digital transformation, green energy, etc.) and other important areas (education and training cooperation, human resource development, labor, culture, sports, tourism and people-to-people connection) to realize the goal of sustainable development.

As the National Oil and Gas Group, the cooperation between PetroVietnam and Petronas has contributed to bringing economic benefits to both countries.

Over the past 30 years, PetroVietnam and Petronas have effectively cooperated in the oil and gas sector both upstream and downstream, together overcoming the ups and downs of the oil and gas industry and becoming trusted partners.

General Secretary To Lam and Malaysian Prime Minister Anwar Ibrahim hold official talks. (Source: VNA)

Currently, PetroVietnam and Petronas have been working closely together to share information, knowledge, and practical experience of mutual interest.

In November 2023, the two groups signed a Memorandum of Cooperation (MoC) marking a new milestone in the partnership between PetroVietnam and Petronas. Accordingly, the two sides will cooperate in traditional oil and gas fields and new fields such as renewable energy, applying new technologies in reducing CO2 emissions. The two sides aim for long-term and deeper cooperation, seeking new cooperation opportunities in the energy transition process.

In the 10 months of 2024, the total revenue of PetroVietnam Group is estimated to reach VND 820,400 billion, exceeding the annual plan by 12%, up 10% over the same period in 2023. Consolidated pre-tax profit is estimated to reach VND 43,300 billion, exceeding the annual plan by 96%.

PetroVietnam's contribution to the state budget is estimated at VND 129,200 billion, exceeding the annual plan by 37%, up 7% over the same period in 2023.

With the achieved results, the Group has fully completed 6/6 financial targets for the whole year 2024 according to the plan assigned by the State Capital Management Committee and the Board of Members.

Among member units, 17 units saw consolidated revenue growth from 1 - 76% and 11 units saw consolidated pre-tax profit growth from 3 - 260% compared to the same period in 2023.

Source: https://baoquocte.vn/petrovietnam-bat-tay-petronas-mo-rong-hop-tac-phat-trien-nang-luong-tai-tao-294839.html