Aramco, Petrovietnam Sign Collaboration Framework Agreement

FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
TT

Aramco, Petrovietnam Sign Collaboration Framework Agreement

FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo

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.



Saudi PIF to be Anchor Investor in Brookfield Middle East Partners

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
TT

Saudi PIF to be Anchor Investor in Brookfield Middle East Partners

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia's Public Investment Fund (PIF) will be an anchor investor in Brookfield Asset Management's new $2 billion Middle East-focused private fund, the companies announced on Wednesday.

A non-binding agreement for the PIF to back the new Middle East fund was signed with the Canadian asset management firm at the Kingdom's flagship investment summit taking place in Riyadh.

At least half of the capital is to be invested in Saudi Arabia and in international companies that are looking to expand in the Kingdom, the companies said in a joint statement.

The investment platform, known as Brookfield Middle East Partners (BMEP), will target $2 billion from a range of investors and intends to focus on buyouts and structured solutions, among other investment opportunities in the region.