This collaboration could mark a significant step in the strengthening of ties between the two nations in the energy domain. Credit: Ayman Zaid/Shutterstock.

Aramco, Saudi Arabia’s state-owned oil company, has entered into a Collaboration Framework Agreement with Petrovietnam, setting the stage for potential joint efforts in the energy sector.

The agreement could enhance the storage, supply, and trading of energy and petrochemical products between the two entities.

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It was signed during the Prime Minister of Vietnam H.E. Pham Minh Chinh’s visit to Saudi Arabia for the 8th edition of the Future Investment Initiative (FII) in Riyadh.

Aramco downstream president Mohammed Y. Al Qahtani said: “This agreement lays the foundation for potential collaboration across the hydrocarbon value chain.

“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.”

The agreement highlights the shared intent to identify opportunities that could optimise operations and generate additional value.

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Petrovietnam CEO Le Ngoc Son said: “The signing of the Collaboration Framework Agreement between Petrovietnam and Aramco is a strategic step, which is evidence of the strong cooperative relationship between Petrovietnam and Aramco in particular, and between the Socialist Republic of Viet Nam and the Kingdom of Saudi Arabia in general.”

In a parallel development, Aramco has signed a memorandum of understanding (MOU) with Riyadh Air.

This MOU, also signed at the FII event, focuses on exploring potential cooperation in areas such as the supply of low-carbon fuel and sustainability initiatives.

Aramco executive vice-president of products & customers Yasser M. Mufti said: “We are delighted by the prospect of exploring a wide variety of opportunities for collaboration between Aramco and Riyadh Air. Both companies have expressed a desire to adopt [the] latest technologies, elevate experiences and contribute to sustainability objectives.

“Aramco’s work to develop lower-carbon fuels, its strong focus on digitalisation and its aviation experience, among other things, provide a strong platform for potential cooperation with Riyadh Air.”