Hanoi (VNA) – The Vietnam National Industry - Energy Group (Petrovietnam) is deepening strategic ties with the Kuwait Petroleum Corporation (KPC) following a series of high-level meetings held during a working trip to Kuwait.
On November 16, a delegation of Petrovietnam, led by General Director Le Ngoc Son and accompanied by Deputy General Director Le Xuan Huyen and representatives of specialised departments and member units, met with KPC’s senior leadership. The Kuwaiti side was headed by Sheikh Nawaf Al-Sabah, KPC Vice Chairman and Chief Executive Officer.
Both sides reviewed recent cooperation and discussed new directions to further strengthen their partnership. They reaffirmed the importance of the Nghi Son Refinery and Petrochemical Complex (NSRP), operated by Nghi Son Refinery and Petrochemical LLC, in which Kuwait, via Kuwait Petroleum International, joins Petrovietnam and Japanese partners as investors. As a key energy project, NSRP plays a vital role in ensuring Vietnam’s energy security, particularly its domestic fuel supply.
Petrovietnam and KPC expressed their commitment to continued close coordination to enhance operational efficiency at NSRP, optimise refining and petrochemical activities, and reinforce the project’s contribution to the energy value chain of both countries while laying the groundwork for future cooperation.
Beyond refining and petrochemicals, the two sides also explored new collaboration opportunities aligned with their respective strengths, focusing on oil and gas exploration and production in Vietnam, Kuwait and other potential markets; high-quality oil and gas technical services; and the development of energy infrastructure in line with long-term energy transition and sustainability trends.
The two groups agreed to assign technical teams to develop the discussed orientations into feasible cooperation programmes, initiatives and projects consistent with each side’s development strategy.
On November 15, Petrovietnam’s leaders attended a high-level shareholders’ meeting of the NSRP project, where participants discussed operations, finances, ownership structure and future development directions amid continued volatility in regional and global energy markets.
The working trip reaffirmed Petrovietnam’s policy of expanding international cooperation and strengthening links with leading global oil and gas and energy corporations, contributing to its strategy of becoming a major industrial and energy group in the region and ensuring Vietnam’s energy security.
On this occasion, Petrovietnam’s leaders and NSRP shareholders witnessed the signing of a Memorandum of Understanding between PetroVietnam Fertiliser and Chemicals Corporation and NSRP, marking a strategic step towards cooperation in petrochemical and chemical development.
Under the MoU, Phu My and NSRP will jointly study investment opportunities through business cooperation contracts in several potential projects, including sulphuric acid, ammonia and carbon black. The two sides will also share market data, update feasibility studies, explore infrastructure development, and strengthen coordination in plant operation and maintenance to enhance safety and efficiency.
Petrovietnam has strengthened its international business operations, viewing this as a strategic pillar in the group's development strategy to ensure growth targets and demonstrate its global competitiveness.
With international business revenue reaching 94.7 trillion VND (3.6 billion USD) in the first 9 months, international business has made a positive contribution to growth, accounting for 30% of total consolidated revenue by 2030.
Petrovietnam’s consolidated revenue reached 484 trillion VND, marking a 10% increase compared to the same period in 2024. Its total revenue was estimated at 795 trillion VND, up 7% year on year. It also contributed 112.3 trillion VND to the state budget./.
