October 30, 2024 [Reuters]- Oil giant Saudi Aramco wants to invest in the oil refinery sector and petroleum distribution in Vietnam, the Southeast Asian country’s government said in a statement issued late on Tuesday.

The announcement came after a meeting between Prime Minister Pham Minh Chinh and Saudi Aramco’s chief executive officer Amin Al-Nasser in Riyadh during Chinh’s visit to the Middle East.

“Vietnam has great potential in the region, therefore, Aramco wishes to invest in oil refinery and petrol distribution in the country,” the Vietnamese government statement said.

Aramco urged authorities to create favorable conditions to boost cooperation with Vietnamese partners, the statement added.

It did not elaborate on the time frame or the size of the investment.

Aramco and Vietnam Oil and Gas Group (PVN) signed a memorandum of understanding on cooperation in the field of oil and gas trade, which the Saudi firm said in a release paved the way for “potential cooperation spanning the storage, supply and trading of energy and petrochemical products”.

“This agreement lays the foundation for potential collaboration across the hydrocarbon value chain,” Aramco Downstream President Mohammed Y. Al Qahtani said in the release.

Aramco has been selling crude oil to Vietnam, but has yet to make any investment in the country.

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