From October 27 to November 1, 2024, General Director of Vietnam Oil and Gas Group (Petrovietnam) Le Ngoc Son and the Group's delegation joined the Prime Minister's delegation to receive and work with partners who are the world's leading oil and gas companies in the Middle East.
During the working trip, Petrovietnam General Director Le Ngoc Son attended important activities of the high-level delegation, including: Vietnam - UAE Business Forum in Dubai; Future Investment Initiative Conference in Saudi Arabia.
At the same time, the Petrovietnam delegation participated in the Prime Minister's receptions and meetings with leaders of the world's leading oil and gas companies such as: CEO of Mubadala Group, Minister of State in charge of energy issues and CEO of Qatar Energy.
In addition, the Petrovietnam delegation visited the Ras Laffan petrochemical complex in Qatar and attended meetings and talks with officials, staff of the Embassy and the Vietnamese community in the countries.
In addition to the working program with the high-ranking delegation, Petrovietnam General Director Le Ngoc Son and the delegation had a working session with Abu Dhabi National Oil Company (ADNOC), Saudi Arabian National Oil Company (Saudi Aramco) and Qatar Energy.
On October 28 in Abu Dhabi, Petrovietnam General Director Le Ngoc Son and the delegation had a working session with Mr. Abulla Al Qubaisi, Senior Vice President of ADNOC. The two sides discussed the bilateral cooperation situation in recent times, including cooperation contents including sulfur trading, cooperation in refrigerated LPG trading and providing high-quality oil and gas services in this market.
At the meeting, Petrovietnam General Director Le Ngoc Son sincerely thanked ADNOC leaders for arranging a working session with Petrovietam's delegation in a short time. Petrovietnam General Director highly appreciated the existing cooperation between the two sides and suggested ADNOC leaders further promote and create conditions for Petrovietnam's member units to participate more deeply in the UAE policy. In particular, he hoped ADNOC would support PV GAS to increase the import volume of cold LPG products to Vietnam and the regional market as well as negotiate tax reduction mechanisms for petroleum products. In addition, support BSR in providing stable crude oil products, meeting the input supply for Dung Quat Oil Refinery at present as well as the demand after upgrading and expanding the factory...
Mr. Abulla Ak Quabaisi sincerely thanked Petrovietnam leaders for attending the meeting at ADNOC headquarters. He acknowledged the proposals of Petrovietnam General Director Le Ngoc Son and assigned ADNOC's focal units to work specifically with Petrovietnam's member units on the above contents.
| The UAE is a major producer of oil and natural gas and ranks seventh globally in total proven reserves. The Abu Dhabi region holds the largest oil and natural gas reserves after the Dubai region. The UAE's proven oil reserves are estimated at 97.8 billion barrels, accounting for 7% of the world's oil reserves. The UAE has been able to maintain its proven oil reserves over the past decades mainly through engineered oil recovery (EOR). |
On October 29, 2024 in the capital Riyadh, under the witness of the Prime Minister and senior leaders of the Parties, Petrovietnam and Saudi Aramco signed a framework agreement on cooperation in the trading of petroleum products. The signing of the framework agreement between Petrovietnam and Aramco within the framework of the 8th Future Investment Initiative (FII) Conference held in Riyadh will create cooperation opportunities in storage, supply and trading of energy and petrochemical products.
At the working session after the signing ceremony between Petrovietnam General Director Le Ngoc Son and Mr. Amin Al-Nasser, CEO of Saudi Aramco, the two sides highly appreciated the signed agreement, considering it as a foundation for cooperation in the value chain of petroleum products. In addition, this agreement will be a premise to promote cooperation with the aim of developing Aramco's global downstream sector, including the Vietnamese market. In addition, Petrovietnam General Director Le Ngoc Son hopes that Aramco will promote cooperation in the field of oil and gas trade so that Vietnam can become a storage facility for crude oil and other products such as LPG, LNG, petrochemical products, etc. for commercial purposes as well as promoting cooperation in areas where both sides have strengths. Mr. Amin Al-Nasser acknowledged the proposals and recommendations of the Vietnamese side and will assign specialized departments to discuss specific contents.
| Saudi Arabia possesses approximately 260 billion barrels of proven oil reserves (plus 2.5 billion barrels shared between Saudi Arabia and Kuwait in the disputed area), accounting for about one-fifth of the world's proven oil reserves. Although Saudi Arabia has over 100 major oil fields along with gas fields with more than 1,500 wells, Saudi Arabia currently holds about one-fifth of the world's proven oil reserves and is the world's largest producer of oil and the world's largest exporter of petroleum liquids. Saudi Arabia is the world's largest producer of crude oil and the world's second-largest crude oil producer after Russia. |
Next, on October 31 at the headquarters of the Ministry of Energy and Mines of Qatar, which is also the headquarters of Qatar Energy Company, the General Director of Petrovietnam and the delegation had a working session with the Minister of State and CEO of Qatar Energy.
At the meeting, Petrovietnam leaders wished to further strengthen cooperation between the two sides in the field of supplying natural gas, LNG, LPG to serve the Vietnamese market. With the potential of being the world's largest natural gas exporter, Petrovietnam wishes Qatar Energy to further increase natural gas exports. In addition, Petrovietnam General Director Le Ngoc Son asked Qatar Energy to create conditions for Petrovietnam units to participate in the field of oil and gas services such as design, procurement, construction and installation for bid packages in the Qatar market. Qatar Energy leaders acknowledged Petrovietnam's opinions and suggested that the two sides study the possibility of cooperation in the field of petrochemical refining.
| Qatar is a small country (12,000 km2, population 850,000), but has great oil and gas potential, with annual production reaching about 55 million tons of oil and 60 billion m3 of gas, most of which is for export. Oil and gas play an important role in the country's economy, accounting for 50% of GDP, 85% of export value and most of Qatar's budget revenue. Qatar's crude oil production is more than 600,000 barrels/day, but the country's light oil and LNG production is up to 1.3 million barrels/day. Recently, the Qatari government has devoted more resources to the development of natural gas, especially for liquefied natural gas (LNG) exports because Qatar is the world's largest LNG supplier. |
On the morning of November 1, 2024, in Qatar, the Prime Minister visited the Ras Laffan petrochemical complex, the largest complex in Qatar. Petrovietnam General Director Le Ngoc Son accompanied the Prime Minister to participate in this activity.
| The Ras Laffan petrochemical complex is a large-scale project, deployed on an area of over 176 hectares in the Ras Laffan industrial zone, about 80 km north of Doha (Qatar). With a total investment of about 6 billion USD, the investor is a joint venture between Qatar Energy (owning 70% of shares) and Chevron Phillips Chemical (owning 30% of shares). Chevron Phillips Chemical also provides project management services and technology copyright for the high-density polyethylene (HDPE) production plant. It is expected to be completed and put into commercial operation by the end of 2026. Once put into operation, this petrochemical complex will provide major petrochemical products such as ethylene, HDPE, and by-products such as propylene and butadiene. |
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