Saudi Aramco and PetroVietnam launch framework cooperation in the oil and gas value chain

Saudi Aramco and PetroVietnam recently announced that the two companies will work together to investigate storage, supply and trade opportunities for energy and petrochemicals.

The Saudi Aramco said the two parties signed a cooperation framework agreement during the state visit of Vietnamese Prime Minister Pham Minh Chinh to Saudi Arabia on October 30. Mohammed Al Qahtani, company president of Saudi Aramco Downstream, commented: "This agreement provides a basis for possible cooperation between the two parties for the entire value chain of oil and gas. We await to investigate with PetroVietnam a comprehensive range of cooperation opportunities that support Saudi Aramco's ambition of global downstream development, contribute to PetroVietnam's strategy, and strengthen Asia's strategic importance in the international energy and petrochemical marketplaces."

Aramco is the biggest oil exporter in the world, and this enormous company has pumped in investments to diversify in petrochemical production. Vietnam is one of the rapidly emerging economies in Southeast Asia and ha, only recently launched its first fully integrated petrochemical complex, commissioned by Longshan Petrochemical.