KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and Vietnam National Industry–Energy Group (Petrovietnam) have signed a strategic alliance agreement to strengthen cooperation across the energy value chain.
The agreement, which marks 35 years of collaboration between the two companies, will see them explore opportunities in upstream development, gas and liquefied natural gas, downstream activities and low-carbon solutions.
It 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 two companies subsequently exchanged documents at Vietnam's government headquarters in a ceremony witnessed by Prime Minister Le Minh Hung.
The exchange involved Tengku Muhammad Taufik and Petrovietnam chairman Le Ngoc Son.
In a statement, Petronas said it remained committed to supporting Vietnam's evolving energy needs while exploring broader opportunities for regional energy cooperation.
The national oil company entered Vietnam in 1991 as one of the country's pioneering foreign investors in the upstream oil and gas sector.
It has since expanded its presence into petrochemicals, renewable energy and LNG through partnerships with Petrovietnam and other Vietnamese companies.
Their cooperation also extends to regional initiatives, including a tripartite renewable energy project involving Malaysia, Vietnam and Singapore.
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