Petronas, PetroVietnam to collaborate on upstream, renewable energy, and decarbonization initiatives

(WO) — Petronas has signed a Memorandum of Cooperation (MoC) with Vietnam Oil and Gas Group (PetroVietnam) to explore potential collaboration opportunities in the upstream, renewable energy, gas, and downstream sectors in Vietnam.

The MoC was signed by Petronas President and Group CEO, Tan Sri Tengku Muhammad Taufik and PetroVietnam President and CEO, Dr Le Manh Hung.

“This collaboration signifies the shared aspiration of Petronas and PetroVietnam to provide more energy responsibly to fuel economic growth that also moves us closer to a lower-carbon future,” Tan Sri Tengku Muhammad Taufik said. “In fulfilling our responsibilities as national energy companies, we look forward to combining our technological capabilities and expertise to develop energy solutions in both hydrocarbons and cleaner energy. The ambition of both NOCs is to continue offering our respective countries and the region pragmatic solutions as part of a practical and responsible pathway towards a just energy transition.”

The MoC covers potential collaborations in decarbonization efforts, and the development of solutions in sustainable energy, LNG and petrochemicals.

Petronas made its first foray in Vietnam in 1991, and as a pioneer investor in the country’s upstream sector, forged strategic partnerships with the host authority and key industry players in advancing Vietnam's oil, gas, and petrochemical industries.