Saudi Aramco Oil Corporation with revenue of 500 billion USD cooperates with PVN

Saudi Aramco Group is interested in and has plans to cooperate in investing in Vietnam, cooperating with the Vietnam National Oil and Gas Group (PVN), initially in the field of oil and gas trading.

Chairman and CEO of Saudi Arabian Oil Corporation (Saudi Aramco) wants to invest in Vietnam - Photo: DOAN BAC

On the afternoon of October 29 (local time), on the occasion of attending the 8th Future Investment Initiative Conference and visiting and working in the Kingdom of Saudi Arabia, Prime Minister Pham Minh Chinh received Mr. Amin Al-Nasser, Chairman and General Director of Saudi Arabian Oil and Gas Group (Saudi Aramco) - one of the largest enterprises in terms of scale and revenue in the world , with revenue in 2023 reaching nearly 500 billion USD and total assets reaching over 660 billion USD.

Oil giant Saudi Arabia wants to invest in petrochemical refining and gasoline distribution

Saudi Aramco Chairman and CEO Amin Al-Nasser congratulated Vietnam on its great achievements in socio -economic development in recent times, saying that Aramco is very interested in the Asian market, including Vietnam.

Assessing Vietnam as a potential and important market in the region, the CEO of Saudi Aramco expressed his desire to invest in oil refining and petroleum distribution in Vietnam. He asked the Prime Minister and Vietnamese ministries, sectors and localities to create favorable conditions for Saudi Aramco to promote successful cooperation with Vietnamese partners.

Appreciating Saudi Aramco Group's interest and plans to cooperate and invest in Vietnam, specifically with the Vietnam National Oil and Gas Group (PVN), first in the field of oil and gas trade, Prime Minister Pham Minh Chinh said that Vietnam is a country with a long coastline of more than 3,000 km, a favorable location to access the large market in Asia.

Vietnam is a country with potential and is developing the oil and gas industry in both exploitation, refining and trading. Currently, PVN is an oil and gas group with a lot of experience, abundant and high-quality labor resources; is a potential partner, with many oil and gas projects in the downstream, midstream and upstream that can be cooperated.

Therefore, the Prime Minister suggested that Saudi Aramco and PVN continue to discuss to reach a high consensus and have specific cooperation projects. In particular, the Prime Minister encouraged Saudi Aramco to cooperate in investing in Vietnam in oil refining, warehousing and distribution for not only Vietnam but also the region and the world.

Prime Minister Pham Minh Chinh, PVN and Saudi Aramco exchanged the Minutes of Cooperation Agreement in the field of oil and gas trade - Photo: T.PHUONG

Send a working delegation to Vietnam

Prime Minister Pham Minh Chinh also suggested that Aramco invest in Vietnam in the oil and gas sector, especially in Vietnam’s large petrochemical projects, and develop trade cooperation in the fields of oil, gas, and petrochemical products such as crude oil, liquefied petroleum gas, plastic granules, and fertilizers.

The Head of Government affirmed that Vietnam is promoting improvement of the investment environment, reforming administrative procedures towards transparency, reducing compliance costs, decentralization and delegation of power.

At the same time, promote investment in developing strategic infrastructure in the direction of open institutions, transparent infrastructure, and smart governance to reduce costs and increase competitiveness for products and businesses.

Therefore, the Vietnamese Government pledges to accompany and create favorable conditions for foreign investors, including Saudi Aramco Group and Saudi Arabian enterprises, to operate effectively and sustainably.

Thanking the Prime Minister for his guidance and support for Saudi Aramco's investment in Vietnam, Saudi Aramco Chairman Amin Al-Nasser said that he will continue to actively negotiate with PVN. At the same time, the group will soon send a working delegation of all fields to Vietnam to explore cooperation and investment opportunities, through specific projects as suggested by the Prime Minister.

Immediately after the meeting, under the witness of Prime Minister Pham Minh Chinh, PVN and Saudi Aramco exchanged the Minutes of Cooperation Agreement in the field of oil and gas trade.

Source: https://tuoitre.vn/tap-doan-dau-khi-saudi-aramco-co-doanh-thu-500-ti-usd-hop-tac-voi-pvn-20241029232941059.htm