Petrovietnam and Vitol Asia Pte. Ltd. (Vitol) sign Memorandum of Understanding on cooperation

Petrovietnam's Deputy CEO Le Xuan Huyen signed a memorandum of understanding on cooperation with representatives of Vitol.

The signing of the Memorandum of Understanding between Petrovietnam and Vitol marks a strategically significant step, contributing to the strengthening of cooperation between Vietnam National Industry - Energy Group and an international partner with extensive experience in the energy and commodities sectors. Under this cooperation framework, the two sides will enhance exchanges, share experience and explore cooperation opportunities in line with their respective strengths, needs and development orientations.

For Petrovietnam, cooperation with Vitol is aligned with its orientation to expand activities into regional and international markets, including in investment and commercial trading. With its market experience, sourcing capabilities, logistics capacity and global flow management, Vitol can complement Petrovietnam in accessing new business models, enhancing market capabilities and expanding opportunities in the energy sector.

Under the cooperation orientation, the two sides will discuss suitable business structures in crude oil, petroleum products and LNG in international markets as well as in Vietnam; explore opportunities to develop oil and gas infrastructure; and identify potential cooperation in projects that support decarbonization, sustainable development and the generation of Verified Emission Reductions (VERs). In addition, Petrovietnam and Vitol will also aim to share international trading experience and knowledge of the broader hydrocarbon value chain, thereby contributing to enhancing Petrovietnam’s market access capabilities, expanding its international connectivity, and supporting Vietnam’s objectives of ensuring energy security and sustainable development.

Petrovietnam is Vietnam National Industry - Energy Group and plays a key role as a pillar of the national economy, with the mandate to manage and implement petroleum activities in the territory of Vietnam and to invest overseas. Over more than 60 years of establishment and development, with five core business areas comprising petroleum exploration and production; gas industry; petroleum refining and petrochemicals; power industry and renewable energy; and high-quality petroleum technical services, Petrovietnam has become one of the leading energy groups in the region.

www.pvn.vn

Vitol is a leader in energy and commodities. Vitol produces, manages and delivers energy and commodities to consumers and industry worldwide. In addition to its primary business, trading, Vitol is invested in infrastructure globally, with $13billion+ invested in long-term assets.

Vitol’s customers include national oil companies, multinationals, leading industrial companies. and utilities. Founded in Rotterdam in 1966, today Vitol serves its customers from some 40 offices worldwide. Revenues in 2025 were over $340bn.

www.vitol.com

Joint Press Release Petrovietnam - Vitol