Petrolimex deepens strategic cooperation with Japan’s ENEOS

Petrolimex deepens strategic cooperation with Japan’s ENEOS

Vietnam National Petroleum Group and Japan's ENEOS Corporation signed an MoU in Tokyo on November 9, marking a new milestone in their strategic partnership.

The MoU signing ceremony in Tokyo was witnessed by Party General Secretary and State President To Lam. Photo: VNA

The partnership aims to strengthen fuel supply security and develop high-quality and sustainable energy products for the Vietnamese market.

The MoU establishes a framework for cooperation in two key areas. First, the two sides will deepen collaboration to secure and diversify fuel supplies. Second, they will explore cooperation opportunities in high-quality petroleum products, petrochemicals, low-emission fuels, and new energy solutions. This provides a basis for both parties to leverage their respective capabilities, experience, and strengths, thereby contributing to meeting Vietnam’s energy demand in both the short and long term.

By ensuring and diversifying fuel supplies, Vietnam National Petroleum Group (Petrolimex) and ENEOS can improve their responsiveness to supply chain fluctuations. In the event of unusual market volatility or potential supply disruptions, the two parties will implement appropriate measures, including exploring alternative supply sources and coordinating logistics. The collaboration is subject to market conditions, supply capacity, applicable laws, and each party’s commercial interests. Specific supply arrangements or transactions will be agreed upon by both parties through separate agreements.

The two sides will explore partnership chances to supply high-quality petroleum products that meet the increasingly diverse needs of the Vietnamese market. Potential cooperation spans across petrochemicals, low-emission fuels, and new energy solutions, in line with their respective business strategies, energy transition, and sustainability commitments.

Petrolimex and ENEOS established their strategic partnership in 2016. Through ENEOS Vietnam, ENEOS is currently a strategic shareholder in Petrolimex.

Beyond investment cooperation, the two parties have undertaken various initiatives involving the exchange of management and technical expertise, continuous improvement, operational efficiency enhancement, and research into emissions reduction solutions.

A notable initiative is the 2025–2027 technical cooperation programme between Petrolimex and Japan Cooperation Center for Petroleum and Sustainable Energy with the participation of ENEOS experts. The programme focuses on enhancing environmental sustainability in petroleum distribution operations while reducing product loss and greenhouse gas emissions. These outcomes lay the foundation for both companies to further develop their partnership in a new phase.

Pham Van Thanh, chairman of the Board of Management of Petrolimex, said, “The long-term strategic partnership with ENEOS remains a top priority for Petrolimex. The MoU will help both sides leverage their respective strengths, diversify supply sources, enhance their capacity, and expand opportunities to develop high-quality petroleum products for Vietnamese consumers and businesses."

"We believe that comprehensive cooperation with ENEOS will be key to maintaining Petrolimex’s commitment to ensuring a stable and secure petroleum supply for the domestic market amid fluctuations in the global energy market,” he added.

VIR