​Saudi oil giant Aramco eyes investment in Vietnam

​Saudi oil giant Aramco eyes investment in Vietnam

Aramco, the state-owned petroleum and natural gas company of Saudi Arabia, is keen on exploring investment in refineries in Vietnam, Yasser M. Mufti, executive vice-president of the oil group said during a meeting with Vietnamese Prime Minister Pham Minh Chinh on Thursday.

Vietnamese Prime Minister Pham Minh Chinh (R) receives Yasser M. Mufti, executive vice-president of Aramco. Photo: D. Giang / Tuoi Tre

The meeting was part of PM Chinh’s three-day visit to the Middle Eastern nation through Friday at the invitation of the King of Saudi Arabia, Salman bin Abdulaziz Al Saud.

Mufti told the meeting that the group is operating actively in Asia, but it has yet to do business in Vietnam.

However, Aramco has been supplying crude oil to Vietnamese partners.

As such, the group expects to sound out investment opportunities to develop a refinery in Vietnam.

The Aramco representative proposed the Vietnamese government create favorable conditions for the group’s technician team to enter the Southeast Asian country to survey and study the market.

Vietnam is diversifying markets, especially in the petrochemical industry, said the Vietnamese government leader.

Vietnam is calling for investment in refineries, so the prime minister welcomes the group to the nation.

PM Chinh suggested that Aramco invest in training the workforce in the field.

On the same day, the prime minister met with some top Saudi Arabian officials on the sidelines of his visit.

During talks with Saudi Arabia’s Minister of Economy and Planning Faisal Al-Ibrahim, PM Chinh affirmed that the Vietnam-Saudi Arabia ties have mightily flourished.

The top Vietnamese official hinted at fostering connectivity, and trade and investment cooperation with energy, banking and finance, Halal food and digitalization sectors to be prioritized.

Furthermore, the prime minister proposed the two sides pave the way for imports, while prompting the Saudi Arabian authorities to remove bottlenecks facing Vietnam’s shipments of seafood to the nation.

To deepen their partnership, PM Chinh recommended that the two nations boost all-level delegation exchanges and strengthen traffic connection between Vietnam and Saudi Arabia.

The Saudi minister agreed with PM Chinh’s proposals on stronger cooperation in trade and investment as well as export market expansion.

At a meeting with Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi, PM Chinh underlined that labor is a key industry of bilateral cooperation, especially when Saudi Arabia is implementing numerous major infrastructure and urban projects.

The prime minister suggested the two sides enhance collaboration between labor management agencies and spur partnership in training.

Minister AlRajhi said that Saudi Arabia aims to receive 10 million foreign workers in various fields such as industrial production, energy, health, and tourism in the coming time.

Highly valuing the quality of Vietnamese employees, the Saudi minister expected the two nations to join hands to send Vietnamese workers to Saudi Arabia.

Tuoi Tre News