Petrovietnam Accelerates Energy Projects with Chevron and US Business Partnerships

Petrovietnam has taken significant steps to enhance its energy projects and deepen cooperation between Vietnamese and US businesses.

The Vietnam National Energy and Industry Corporation (Petrovietnam) signed a framework cooperation agreement with Chevron, creating a formal partnership that will enable Petrovietnam to diversify its crude oil sources and increase flexibility in responding to supply fluctuations.

The agreement also includes a crude oil supply contract between the Vietnam Refining and Petrochemical Corporation (BSR), a subsidiary of Petrovietnam, and ExxonMobil Asia Pacific. This contract ensures a minimum crude oil supply of 2 million barrels per year for the Dung Quat Refinery.

Petrovietnam aims to build long-term cooperative relationships with US financial institutions and investment funds, with an estimated investment need of approximately $29.2 billion between 2026-2030.