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Vietnam states Saudi Aramco wishes to buy oil refining, gas circulation

Oil huge Saudi Aramco wants to invest in the oil refinery sector and petroleum distribution in Vietnam, the Southeast Asian nation's. federal government stated in a declaration released late on Tuesday.

The statement came after a meeting in between Prime Minister. Pham Minh Chinh and Saudi Aramco's president Amin. Al-Nasser in Riyadh during Chinh's check out to the Middle East.

Vietnam has great prospective in the area, therefore,. Aramco wishes to buy oil refinery and gas circulation. in the country, the Vietnamese federal government statement said.

Aramco prompted authorities to create beneficial conditions to. boost cooperation with Vietnamese partners, the declaration added.

It did not elaborate on the time frame or the size of the. financial investment.

Aramco and Vietnam Oil and Gas Group (PVN) signed a. memorandum of understanding on cooperation in the field of oil. and gas trade, which the Saudi company stated in a release paved the. way for potential cooperation spanning the storage, supply and. trading of energy and petrochemical items.

This arrangement lays the structure for capacity. partnership across the hydrocarbon value chain, Aramco. Downstream President Mohammed Y. Al Qahtani stated in the release.

Aramco has actually been offering crude oil to Vietnam, but has yet to. make any financial investment in the nation.

(source: Reuters)