Prime Minister Le Minh Hung Highly Appraises Strategic Cooperation Between PETRONAS and PETROVIETNAM

Attending the reception on behalf of Vietnam National Industry - Energy Group (PETROVIETNAM) were Mr. Le Ngoc Son, Party Committee Secretary and Chairman of the Board of Directors; Mr. Le Manh Cuong, President and CEO; and Mr. Vu Dao Minh, Vice President of the Group.

Overview of the working session.

Welcoming the PETRONAS President & Group CEO on his working visit to Vietnam, the Prime Minister commended the corporation's sustained efforts and valuable contributions to petroleum exploration, appraisal, and production activities across Vietnam and Malaysia over the years.

Prime Minister Le Minh Hung spoke highly of the enduring partnership cultivated between PETRONAS and PETROVIETNAM over more than 30 years. Through joint initiatives supporting energy security priorities, sustainable development, and economic growth in Vietnam and the broader Asian region, the two groups have evolved into trusted partners and an exemplary model of strategic, long-term, and effective bilateral cooperation delivering mutual benefits.

Prime Minister Le Minh Hung highly appraises the robust and enduring partnership cultivated between PETRONAS and PETROVIETNAM over the past 30 years.

The Prime Minister affirmed the critical strategic significance of maintaining stable operations at the Block PM3-CAA petroleum development project within the Commercial Arrangement Area (CAA) between Vietnam and Malaysia. As an exceptionally successful venture, the block has achieved a cumulative production of 250 million barrels of crude oil and 43 billion cubic meters (bcm) of gas, generating total revenues exceeding USD 25 billion, and playing an indispensable role in safeguarding national energy security, national food security, and driving socio-economic progress in Vietnam's Southwestern region.

Noting that fostering cooperation between the two state energy groups constitutes a core agenda item in bilateral discussions with the Prime Minister of Malaysia, Prime Minister Le Minh Hung affirmed that the Vietnamese Government fully supports PETRONAS in continuing research, expanding investment operations, and negotiating new petroleum contracts for open blocks on the Vietnamese continental shelf. This cooperation is guided by principles of optimizing investment efficiency, harmonizing interests among the State, enterprises, and investors, and strictly adhering to Vietnamese laws and international law.

The Prime Minister shared that Vietnam is actively revising and perfecting legislative and regulatory frameworks governing petroleum, electricity, investment, and land administration, alongside adjustments to the National Power Development Plan VIII (PDP8), while resolutely streamlining administrative procedures. These institutional reforms aim to create further favorable conditions for deploying power and energy projects to satisfy massive electricity demand underpinning robust economic growth.

The Prime Minister commended PETRONAS's coordinating role and the proactive participation of PetroVietnam Technical Services Corporation (PTSC)—a member unit of PETROVIETNAM—in the Vietnam – Malaysia – Singapore (VMS) Power Interconnection Project. The Government of Vietnam endorses the project as a benchmark symbol of regional energy connectivity, actively contributing to realizing the ASEAN Power Grid Vision.

PETROVIETNAM Chairman of the Board of Directors Le Ngoc Son and PETROVIETNAM President & CEO Le Manh Cuong attend the working session.

The Prime Minister warmly congratulated PETRONAS and PETROVIETNAM on the execution of their Strategic Alliance Agreement (SAA). This pact elevates bilateral ties from transactional, project-by-project cooperation to a comprehensive strategic alliance spanning the entire energy value chain, translating the Vietnam – Malaysia Comprehensive Strategic Partnership into concrete actions. He urged both sides to swiftly operationalize their joint coordination mechanism and substantiate the SAA with practical, high-impact programs and projects.

The Government of Vietnam will continue creating optimal conditions for project implementation in accordance with national planning and legal statutes, directing relevant ministries and authorities to provide dedicated support to businesses and investors, promptly resolving operational bottlenecks.

The Prime Minister expressed his confidence in the flourishing development of ties between PETRONAS and PETROVIETNAM as a flagship symbol of success within the Vietnam – Malaysia Comprehensive Strategic Partnership. On this occasion, the Prime Minister extended his warm greetings and best wishes to the Prime Minister of Malaysia.

Mr. Tengku Muhammad Taufik, President & Group CEO of PETRONAS, delivers remarks at the meeting.

Expressing profound gratitude to Prime Minister Le Minh Hung for hosting the delegation and extending resolute support to PETRONAS's projects and cooperative initiatives, Mr. Tengku Muhammad Taufik conveyed the cordial greetings and regards of the Prime Minister of Malaysia to Prime Minister Le Minh Hung.

Reporting on the fruitful outcomes and promising horizons achieved through collaboration with Vietnamese ministries, agencies, and PETROVIETNAM, the PETRONAS chief executive emphasized the corporation's desire to deepen bilateral relations. PETRONAS is committed to partnering with PETROVIETNAM and Vietnamese counterparts to advance shared visions, particularly the newly signed Strategic Alliance Agreement, thereby safeguarding accessible and affordable energy security to support the economic growth targets of both nations. These endeavors execute the strategic directives of the two Prime Ministers and the shared priorities of both Governments, while actively driving the execution of the Vietnam – Malaysia – Singapore grid interconnection project.

Prime Minister Le Minh Hung witnesses the exchange ceremony of the Strategic Alliance Agreement (SAA) between PETRONAS and PETROVIETNAM.

PETRONAS expressed a strong desire to advance energy cooperation with Vietnam in long-term liquefied natural gas (LNG) supply contracts. Concurrently, PETRONAS proposed joint initiatives with PETROVIETNAM and Vietnamese enterprises to develop LNG terminal and storage infrastructure in Vietnam, as well as emerging clean energy value chains including offshore wind, clean hydrogen, carbon capture and storage (CCS) systems, and technology transfer.

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