Petrovietnam seeks to expand energy partnership with Canada

The cooperation opportunities with Canada were discussed during a meeting in Hanoi last Friday between Petrovietnam CEO Le Manh Cuong and Canadian Ambassador to Vietnam Jim Nickel.

Petrovietnam CEO Le Manh Cuong receives Canadian Ambassador to Vietnam Jim Nickel in Hanoi on July 10, 2026. Photo courtesy of the company.

Nickel said Canada is keen to expand cooperation with Petrovietnam in LNG, nuclear power and CCS, highlighting them as Canada's strengths and Vietnam's priorities in its energy transition.

CEO Cuong noted that Petrovietnam has transformed from an oil and gas group into an industrial and energy corporation. Alongside maintaining its conventional energy business, the company is accelerating investments in renewable and emerging energy sectors, creating new opportunities for cooperation with Canadian companies.

Regarding LNG, Nickel said Canada officially began exporting LNG to Asian markets in 2025. With abundant natural gas reserves, increasingly well-developed infrastructure and a strategic location on the western Pacific coast, Canada is well positioned to become a stable, long-term LNG supplier to Vietnam.

Canadian companies are also ready to participate in developing LNG import terminals, regasification facilities, and gas distribution infrastructure in Vietnam, he said.

Cuong emphasized that LNG plays a vital role in Vietnam's energy transition and national energy security. Petrovietnam is the first company in Vietnam to own and operate an LNG import terminal.

The group has also developed the Nhon Trach 3 and Nhon Trach 4 LNG-fired power plants in the southern city of Dong Nai and is expanding LNG infrastructure and developing new gas-to-power projects under the National Power Development Plan VIII (PDP VIII).

"Petrovietnam looks forward to cooperating with Canadian companies in developing regasification systems, gas distribution infrastructure, and innovative applications that utilize LNG cold energy for industrial production," he said.

On nuclear power, Nickel stressed that Canada, with more than 70 years of experience in the sector, is prepared to share its expertise in regulatory frameworks, workforce development, supply chains and localization, while connecting Petrovietnam with leading Canadian government agencies, companies and universities to support Vietnam's nuclear power development.

Cuong added the Vietnamese Government has appointed Petrovietnam as the investor of the Ninh Thuan 2 nuclear power plant in Khanh Hoa province. Beyond reactor technology, he noted, the project will require strong capabilities in human resource development, nuclear safety and regulation, supply chains, and financing. Therefore, the group hopes to benefit from Canada's experience in these areas.

On CCS, the Canadian ambassador described it as a promising area for bilateral cooperation. Drawing on Canada's experience in deploying and commercializing advanced CCS technologies, he said the country is ready to share technologies, regulatory experience and training programs to support Petrovietnam's carbon reduction efforts.

Cuong said Petrovietnam is working with relevant authorities to establish the legal framework needed to deploy CCS technology in Vietnam while conducting research with international partners.

Earlier, last Wednesday, Cuong met with Maroun Kairouz, managing director of the World Economic Forum (WEF), to discuss global energy trends, the energy transition, energy security and Vietnam's development opportunities.

Petrovietnam CEO Le Manh Cuong (fourth, left) meets with Maroun Kairouz, managing director of the World Economic Forum (fourth, right), July 18, 2026. Photo courtesy of Petrovietnam.

During the meeting, he said Vietnam's energy demand is rising rapidly to support economic growth. Alongside conventional energy sources, Petrovietnam is investing in emerging sectors such as offshore wind and nuclear power, in line with the Government's strategy to build a diversified and sustainable energy system. The group is also expanding its international presence and strengthening cooperation with leading global energy companies and organizations.

Cuong stressed that the energy transition should balance emissions reduction with energy security and economic growth, arguing that each country should pursue a transition pathway suited to its own development conditions and energy needs.

Kairouz agreed, saying that amid continuing global economic and geopolitical uncertainties, many countries are reassessing their energy strategies. Diversifying energy sources rather than relying on a single fuel, he said, would strengthen economic resilience against external shocks.

He noted Vietnam is well positioned to become one of the region's fastest-growing economies thanks to its strong manufacturing base, stable political environment, and long-term development vision, adding that energy will be a decisive factor in the country's future competitiveness.

Kairouz praised Petrovietnam's long-term vision and development strategy, saying they provide a solid foundation for strengthening the group's position and expanding its presence in the global energy market. The two sides agreed to continue exchanging information on global energy trends and explore future areas of cooperation.

Petrovietnam