Business

PVOIL, PVEP strengthen cooperation to enhance Petrovietnam’s value chain

Under the agreement, the two corporations will leverage their respective strengths to advance towards a comprehensive strategic partnership across production and business activities. They will jointly study and promote specific cooperative initiatives to maximise each side's business advantages and potential while tapping into new areas of mutual interest to generate greater value.

Representatives from Petrovietnam, PVOIL and PVEP at the signing ceremony. (Photo: petrovietnam.petrotimes.vn)
Representatives from Petrovietnam, PVOIL and PVEP at the signing ceremony. (Photo: petrovietnam.petrotimes.vn)

Hanoi (VNA) – The Vietnam Oil Corporation (PVOIL) and Petrovietnam Exploration Production Corporation (PVEP), both key members of the Vietnam National Industry - Energy Group (Petrovietnam), signed a cooperation agreement in Ho Chi Minh City on November 10 with a view to deepening collaboration and strengthening the group’s value chain.

Under the agreement, the two corporations will leverage their respective strengths to advance towards a comprehensive strategic partnership across production and business activities. They will jointly study and promote specific cooperative initiatives to maximise each side's business advantages and potential while tapping into new areas of mutual interest to generate greater value.

The cooperation will be implemented consistently and effectively throughout both systems, from the parent companies to their subsidiaries, in line with each side’s structure as well as current regulations.

PVEP General Director Nguyen Thien Bao emphasised that the agreement continues to extend, expand, and elevate the achievements of the two companies’ long-standing partnership.

Over the past five years, PVOIL, acting as an oil sales agent, has helped distribute about 220 million barrels of oil from PVEP projects, while also supplying almost all fuel needed for project operations of PVEP.

With PVEP’s domestic and overseas exploitation output on the rise, he affirmed his company’s commitment to working closely with PVOIL to achieve even greater results.

PVOIL General Director Nguyen Dang Trinh noted that PVEP and PVOIL serve as core upstream and downstream units within Petrovietnam. Their close and effective cooperation in recent years has laid a solid foundation for the new agreement, which marks an important step forward in boosting linkage, improving operational efficiency, and enhancing competitiveness of the subsidiaries within the Petrovietnam value chain.

The PVOIL leader expressed strong confidence that the renewed partnership, built on sincerity, responsibility, and professionalism, will continue to grow and deliver higher synergy in line with the capabilities and strategic expectations of both companies and the group./.

VNA
#PVOIL #Petrovietnam Exploration Production Corporation #PVEP #Petrovietnam #cooperation #value chain
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