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Petrovietnam Secures First Vitol Crude Cargo Under Singapore Cooperation Pact

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Vietnam National Industry-Energy Group, or Petrovietnam, has agreed to buy the first cargo of crude oil from Vitol Asia for delivery to Nghi Son Refinery and Petrochemical, marking the first transaction under a new memorandum of understanding, Petrovietnam said in a statement on Wednesday.

The MoU was signed by Petrovietnam and Vitol during a meeting in Singapore held on the sidelines of Vietnamese President To Lam's state visit.

Under the MoU, the companies are exploring broader cooperation in crude oil trading, petroleum products, LNG, strategic storage and other energy-related sectors.

Petrovietnam said the agreement supports its efforts to diversify crude oil supply sources, strengthen feedstock procurement for NSRP and expand partnerships with major international energy traders.

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