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Friday, June 14, 2024

Oil giant Saudi Aramco wants to invest refinery in Vietnam

The Saigon Times

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HCMC – Saudi Arabian oil group Aramco is considering investment opportunities for building an oil refinery in Vietnam.

Yasser M. Mufti, Aramco’s Vice President, expressed this interest during a meeting with Prime Minister Pham Minh Chinh on October 19.

While Aramco has been a supplier of crude oil to Vietnam for years, it has not previously engaged in any foreign direct investment projects within Vietnam.

Prime Minister Chinh highlighted Vietnam’s aspiration to diversify its market, particularly in the petrochemical sector. He encouraged Aramco to invest in the establishment of an oil refinery in Vietnam and to provide support in training resources for the sector.

To facilitate this investment plan, the vice president requested that the Vietnamese Government create favorable conditions for their business expansion, including allowing their technical experts to visit Vietnam to assess and explore business opportunities.

Aramco, the largest oil group in Saudi Arabia, reported record-high profits exceeding US$161 billion last year, a 46% increase compared to 2021. The group aims to increase its production capacity to 13 million barrels per day by 2027 and is actively developing new technologies to reduce carbon emissions.

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