Aramco, the Saudi oil giant, considers investing in Vietnam

Saudi Arabia’s state-owned petroleum and natural gas company, Aramco, expressed its interest in exploring investment opportunities in Vietnam’s refineries, according to Yasser M. Mufti, the executive vice-president of the oil group. During a meeting with Vietnamese Prime Minister Pham Minh Chinh, Mufti highlighted that while Aramco is actively operating in Asia, it has yet to establish a presence in Vietnam.

However, the group has been supplying crude oil to Vietnamese partners, leading them to consider investment opportunities for refinery development in Vietnam. The Vietnamese government, recognizing the importance of diversifying markets, particularly in the petrochemical industry, welcomed Aramco’s interest and encouraged them to invest in refineries.

To strengthen the partnership, Prime Minister Chinh suggested increasing delegation exchanges and improving transportation connections between Vietnam and Saudi Arabia. The Saudi minister agreed with the Prime Minister’s proposals for enhanced cooperation in trade, investment, and expanding export markets.