Petrovietnam enhances economic and trade cooperation with US partners

Towards the 50th Anniversary of Petrovietnam’s Founding (September 3, 1975 – September 3, 2025): A New Path Has Opened

Minister of Industry and Trade Nguyen Hong Dien, Deputy General Director of Petrovietnam Le Xuan Huyen, General Director of PV GAS Pham Van Phong, and representatives of the involved parties witnessed the signing ceremony between Excelerate Energy and PV GAS.

Specifically, Vietnam Gas Corporation - JSC (PV GAS) engaged in working sessions with ConocoPhillips and Excelerate Energy, two strategic partners in the liquefied natural gas (LNG) sector. Discussions focused on expanding long-term LNG supply to support the implementation of Vietnam's Power Development Plan VIII.

The parties agreed on cooperation principles to ensure a stable LNG supply to meet the increasing domestic electricity demand, given the decline in domestic gas sources. Accordingly, PV GAS signed Memoranda of Understanding (MOUs) with ConocoPhillips and signed a separate memorandum of understanding with Excelerate Energy regarding several long-term LNG purchase agreements.

PV GAS executives exchanged signed documents with representatives from ConocoPhillips.

For PV GAS, these LNG import agreements from the US will contribute to the national LNG import plan, projected to reach 9 million tons per year by 2030 and 15 million tons per year by 2035, with an estimated value of $7.2 billion annually under Power Development Plan VIII.

Tran Thai Bao, Deputy General Director of BSR, and representatives from Kellogg Brown & Root (KBR) signed a contract for consulting services on a pre-feasibility study for sustainable aviation fuel (SAF).

Additionally, Binh Son Refining and Petrochemical Company (BSR) signed a consulting contract with Kellogg Brown & Root (KBR) for a pre-feasibility study on sustainable aviation fuel (SAF). This agreement marks a strategic step, enabling BSR to access advanced technologies and technical solutions for energy transition and carbon emission reduction. At the same time, it provides an opportunity for BSR to expand investment in new energy and sustainable fuel projects, contributing significantly to the energy transition roadmap and carbon emission reduction, thereby promoting energy transformation in Vietnam and globally.

PV Power and GE Vernova signed a Memorandum of Understanding (MOU) on the procurement of GE equipment and services for gas-fired power plants developed by PV Power.

Furthermore, Vietnam Oil and Gas Power Corporation (PV Power) and GE Vernova signed an MOU for the procurement of GE equipment and services for gas-fired power plants developed by PV Power. This MOU reaffirms both companies' commitment to developing sustainable and advanced solutions for the power and oil and gas industries. It will help PV Power seize new opportunities in the context of globalization and energy transformation, strengthening its position in the digital technology and sustainable energy race.

In total, the economic and trade agreements signed between Vietnamese and US businesses are projected to be implemented from 2025, with an estimated total value of approximately $90.3 billion, creating hundreds of thousands of jobs in both countries.

The signing of these agreements and memoranda of understanding represents a concrete step in promoting economic, trade, and investment cooperation between the two nations in a substantive, in-depth, and effective manner. At the same time, it contributes to achieving a balanced, harmonious, and sustainable trade relationship.

PVN