Saudi Aramco has signed a Collaboration Framework Agreement with Vietnam Oil and Gas Group (Petrovietnam), paving the way for potential cooperation spanning the storage, supply and trading of energy and petrochemical products.
The agreement was formalized during an official visit by Vietnam’s Prime Minister, Pham Minh Chinh, to the Kingdom.
It was signed during the FII 8th Edition in Riyadh with a view to identifying potential opportunities to optimize operations and unlock additional value.
“This agreement lays the foundation for potential collaboration across the hydrocarbon value chain,” said Aramco Downstream President Mohammed Y. Al Qahtani.
“We look forward to exploring multiple opportunities with Petrovietnam that complement Aramco’s global downstream ambitions, contribute to Petrovietnam’s own strategy, and reinforce Asia’s importance in global energy and petrochemicals markets.”
Petrovietnam CEO Le Ngoc Son described the signing of the agreement as “a strategic step.”
On Tuesday, Aramco said that the company, and Taulia, a SAP company and leading FinTech provider of working capital management solutions — supported by the Saudi Industrial Development Fund (SIDF) as one of the key finance providers of the domestic industrial sector — have signed agreements to establish a supply chain financing solution.
The entities are joining forces to establish one of the world’s largest supply chain financing programs, which aims to provide an alternative and affordable source of financing for Aramco’s suppliers.
Announced during the FII 8th Edition in Riyadh, the new FinTech solution is expected to enhance suppliers’ liquidity and cash forecasting accuracy, while reinforcing Aramco’s supply chain resilience.
