HANOI: Oil big Saudi Aramco needs to spend money on Vietnam’s oil refining sector and oil distribution, the Southeast Asian nation’s authorities mentioned on Tuesday night (October 29).
The announcement got here after a gathering between Prime Minister Pham Minh Chinh and Saudi Aramco CEO Amin Al-Nasser in Riyadh throughout Chinh’s go to to the Middle East.
“Vietnam has nice potential within the area, so Aramco needs to spend money on oil refinery and gasoline distribution within the nation,” the Vietnamese authorities assertion mentioned.
Aramco urged authorities to create favorable circumstances to strengthen cooperation with Vietnamese companions, the assertion added.
It gave no particulars on the timing or dimension of the funding.
The firm sells crude oil to Vietnam, however has not but made any investments within the nation.
On Tuesday, Aramco and Vietnam Oil and Gas Group (PVN) signed a memorandum of understanding on cooperation within the discipline of oil and gasoline buying and selling, based on the federal government assertion.
Saudi Aramco didn’t instantly reply to a request for remark.
