On September 17, 2024, the leadership of the Vietnam National Petroleum Group  (Petrolimex/Group) welcomed and held a working session with representatives from the Saudi Arabian Oil Group (Aramco) at their head office Hanoi.

The Aramco delegation was led by Ziyad Juraifani, Vice President of Retail, and included Nader Douhan, Director of DS International Retail; Lucas Rubinacci, Global Head of International Retail Growth, Development, and Strategy and Ross Hood, Head of International Retail Business Development.

Petrolimex chairman Pham Van Thanh and Board of Directors member, General Director Dao Nam Hai, received and held a working session with the delegation. The Petrolimex representatives also included Board of Directors member Tran Tuan Linh; Deputy General Director Nguyen Xuan Hung; Deputy General Director Nguyen Ngoc Tu; and leaders from the Strategy and Investment Department, General Administration Department, Retail Sales Department, Office and Van Phong Terminal.

Aramco is the world’s largest oil and gas corporation and has often held the position of the most valuable company globally. In 2022, Aramco achieved a record profit of over US$161 billion, a 46% increase from $110 billion in 2021.

During the meeting, Aramco expressed its desire to explore the market and seek for opportunities to invest in Vietnam, particularly in the construction of petrochemical refineries. Currently, Aramco supplies crude oil to businesses in Vietnam but has not yet made direct investments.

Petrolimex chairman Pham Van Thanh expressed his honour and pleasure to welcome the Aramco delegation. He highlighted Petrolimex’s leading position in Vietnam’s downstream petroleum distribution market, with the most extensive, modern, and synchronized technical infrastructure. With a nationwide retail network, reaching up to 5,500 petrol stations (including 2,800 directly owned and managed by Petrolimex), accounting for nearly 50% of the domestic petroleum distribution market, the Group leader proposed that Aramco explore investment opportunities in petrochemical refining; production and distribution of petrochemical products such as liquefied gas and lubricants, and other related fields.

General Director of Petrolimex Dao Nam Hai emphasised that the Group is the only downstream petroleum business in Vietnam that owns the Van Phong Terminal with high-quality infrastructure and a prime location. He suggested that Aramco consider the Van Phong Terminal as a gateway for petroleum trade activities in Vietnam. He also expressed Petrolimex’s readiness to cooperate with Aramco in sourcing petroleum.

Aramco’s Vice President of Retail, Ziyad Juraifani, thanked Petrolimex for the warm reception. He expressed his confidence that with the strengths of Aramco and Petrolimex, strategic cooperation between the two groups in the future will create significant competitive advantages in the Vietnamese market.

Some more images feature the meeting: