RIYADH: Saudi energy giant Aramco has agreed to work with Vietnam Oil and Gas Group, known as Petrovietnam, in storage, supply, and trading across the companies’ energy and petrochemical segments.
Formalized during Vietnamese Prime Minister Pham Minh Chinh’s official visit to Saudi Arabia and signed at the eighth Future Investment Initiative in Riyadh, the Collaboration Framework Agreement aims to explore initiatives that could optimize operations and drive value, according to a press release.
Mohammed Al-Qahtani, Aramco’s downstream president, said: “We look forward to exploring multiple opportunities with Petrovietnam that complement Aramco’s global downstream ambitions.”
Petrovietnam CEO Le Ngoc Son emphasized the strategic importance of the agreement, calling it “evidence of the strong cooperative relationship between Petrovietnam and Aramco.”
Saudi Arabia is hosting the eighth edition of the Future Investment Initiative summit in Riyadh. AN/Abdulrahman bin Shalhuob
In a related development, Aramco has also partnered with Taulia, a SAP-owned fintech company specializing in working capital management solutions.
Supported by the Saudi Industrial Development Fund, the partnership will create one of the world’s largest supply chain financing programs, designed to enhance liquidity for Aramco’s suppliers.
This program aims to provide a cost-effective financing alternative, improve cash flow forecasting, and strengthen Aramco’s supply chain resilience.
Ziad Al-Murshed, Aramco’s chief financial officer and executive vice president of finance, highlighted the strategic importance of the new fintech solution, saying: “At Aramco, we recognize the crucial role our suppliers play in contributing to our business continuity.”
He added that the platform will offer suppliers “a unique and competitive financing opportunity” and allow banks to participate as finance providers, “enhancing the solution’s scale and viability.”
