Oil giants sign cooperation agreement

Oil giants sign cooperation agreement

The signing ceremony between Việt Nam Oil and Gas Group (PVN) and Việt Nam National Petroleum Group (Petrolimex) on Wednesday. - VNA/VNS Photo Huy Hùng

HÀ NỘI — Việt Nam Oil and Gas Group (PVN) and Việt Nam National Petroleum Group (Petrolimex) on Wednesday signed a comprehensive cooperation agreement to exploit the strength of each side and tap potentials of both domestic and foreign markets.

Accordingly, Petrolimex and PVN would work together to promote investments and support each other in terms of technical facilities and expanding business to increase added value.

The two sides pledged to give priority to using products and services of the other and introducing products to their domestic and international partners. The two sides agreed to contribute capital and buy stakes of relevant projects to support each others in expanding operations and enhancing competitiveness.

Petrolimex and PVN will develop a detailed action plan following the agreement. The two sides would also discuss the consumption of oil and petrol products of Nghi Sơn Oil Refinery when the plant is operational.

Chairman of PVN Trần Sỹ Thanh said that Vietnamese firms were encountering fierce competition from foreign rivals, so cooperation between PVN and Petrolimex would bring not only mutual but also national benefits as well as benefits for consumers from a stable petrol and oil market.

Thanh said that the cooperation would help stabilise the oil and petrol market in terms of quality and prices through which the benefits of residents would be ensured. — VNS