21/10/2026 by Cameron Clarke
Building on 35 years of cooperation, Petronas has signed a new strategic alliance agreement (SAA) with Vietnam National Industry – Energy Group, commonly known as Petrovietnam.
The new SAA emphasises the two companies’ mutual interest in creating value in the long term and promoting sustainability and energy security. It establishes a future-oriented mechanism for identifying new energy opportunities by combining their strengths and expertise. This covers areas like low-carbon solutions, upstream and downstream opportunities and liquified natural gas (LNG).
A signing ceremony took place at the headquarters of Petrovietnam in Hanoi. Tan Sri Tengku Muhammad Taufik, the group chief executive officer and president of Petronas, and Le Manh Cuong, the chief executive officer and president of Petrovietnam, represented their respective organisations. Le Minh Hung, Vietnam’s prime minister, later witnessed an exchange of documents between the two companies.
Malaysia-based Petronas supplies lubricant products like agricultural oil in the UK, but its energy interests are concentrated in Asian markets. It said in a press release that it has operated:
“…in Vietnam since 1991, when it made its first investment in the country’s upstream sector as a pioneer international investor in Vietnam’s oil and gas industry. Its footprint has since expanded across oil and gas, petrochemicals, renewable energy and LNG, supported by deep-rooted cooperation with Petrovietnam and other Vietnamese partners.”
It adds that partnerships have also encompassed regional cooperation on energy. This includes an initiative including Singapore, Vietnam and Malaysia, with Singapore being a major demand centre and Malaysia acting as both a demand centre and a hub for power transit.
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