Petrovietnam and Vitol Asia Pte. Ltd. (Vitol) strengthen cooperation in the energy sector

The crude oil sales and purchase agreement signing ceremony was witnessed by Dr. Le Manh Hung, Minister of Industry and Trade; Mr. Le Manh Cuong, President and CEO of Petrovietnam; and representatives of Vitol’s leadership.

At the working session, Petrovietnam and Vitol exchanged views on the implementation of the Memorandum of Understanding signed by the parties in Singapore; and reviewed cooperation orientations for the coming period, focusing on areas aligned with the strengths and needs of each party, including crude oil, petroleum products, LNG, strategic storage, and other related areas.

Also at the working session, as authorized by Petrovietnam, Nghi Son Petroleum Products Distribution Branch - Petrovietnam (PVNDB) signed a crude oil sale and purchase agreement with Vitol Asia Pte. Ltd. (Vitol) for the supply of one crude oil cargo to Nghi Son Refinery and Petrochemical LLC (NSRP) in the coming period. The signing ceremony was witnessed by Dr. Le Manh Hung, Minister of Industry and Trade; Mr. Le Manh Cuong, President and CEO of Petrovietnam; and representatives of Vitol’s leadership.

Minister of Industry and Trade Dr. Le Manh Hung and Petrovietnam Delegation held working session with Vitol

This is the first transaction between Petrovietnam and Vitol in the field of crude oil supply for NSRP, and also represents a concrete and substantive step in implementing the Memorandum of Understanding signed between Petrovietnam and Vitol. The event marks an important step forward in realizing cooperation between Petrovietnam and Vitol, demonstrating Petrovietnam’s efforts to expand cooperation with leading international energy partners, diversify crude oil supply sources, and strengthen its capability to arrange supply sources for NSRP.

Speaking at the signing ceremony, Minister of Industry and Trade Dr. Le Manh Hung acknowledged the efforts of Petrovietnam, particularly PVNDB, in arranging crude oil and feedstock supplies for NSRP, thereby contributing to maintaining the safe and continuous operation of NSRP, ensuring domestic petroleum supply, and, together with Binh Son Refining and Petrochemical Joint Stock Company (BSR), contributing to national energy security.

On behalf of Petrovietnam, President and CEO Mr. Le Manh Cuong highly appreciated the prompt efforts of PVNDB and Vitol in translating the cooperation framework into practical outcomes. Petrovietnam affirmed that it will continue to engage in international trading activities, not only to arrange crude oil and feedstock supplies for domestic refineries, but also to cooperate with Vitol in enhancing Petrovietnam’s crude oil trading capability in the regional market.

The Petrovietnam delegation and representatives of Vitol's leadership.

Based on the outcomes of the working session, Petrovietnam and Vitol agreed to continue close coordination in studying and promoting suitable cooperation opportunities in an effective and substantive manner. Strengthening cooperation with leading global energy partners such as Vitol will contribute to supporting Petrovietnam in enhancing its competitiveness, expanding its international trading activities, and contributing to Viet Nam’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.

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.

Joint Press Release Petrovietnam - Vitol