PETALING JAYA: Petroliam Nasional Bhd (PETRONAS) and Vietnam National Industry – Energy Group (Petrovietnam) have entered into a strategic alliance agreement (SAA), forging a framework to pursue opportunities across the energy value chain, spanning upstream development, gas and liquefied natural gas (LNG), downstream opportunities, and low carbon solutions.
The agreement represents the latest milestone in the two organisations’ 35-year partnership, reinforcing their shared commitment to energy security, sustainability and long-term value creation.
The SAA was signed at Petrovietnam’s headquarters by PETRONAS president and group chief executive officer Tan Sri Tengku Muhammad Taufik and Petrovietnam president and chief executive officer Le Manh Cuong.
The engagement, which was followed by the exchange of documents between Tan Sri Tengku Muhammad Taufik and Petrovietnam chairman, Le Ngoc Son, was witnessed by Vietnam's Prime Minister, Le Minh Hung at the Government Headquarters.
“PETRONAS remains committed to working with Petrovietnam to support Vietnam’s evolving energy needs while unlocking opportunities for broader energy cooperation across the region,” PETRONAS said in a statement.
The group has had a presence in Vietnam since 1991, having become a pioneer international investor in the country’s oil and gas industry when it made its first investment in Vietnam's upstream sector.
This footprint has over the years expanded across oil and gas, petrochemicals, renewable energy and LNG, underpinned by deep-rooted cooperation with Petrovietnam and other Vietnamese partners.
The long-held partnership has also included regional energy collaborations such as the tripartite renewable energy initiative between Vietnam, Malaysia and Singapore, in which Malaysia serves as both a power transit hub and demand centre while Singapore serves as a key demand centre.
