SONATRACH and the Vietnamese company Petrovietnam Exploration Production Corporation Ltd. (PVEP), signed, yesterday, a Memorandum of Understanding in view to promote bilateral cooperation in the oil and gas sector, on the basis of principles of equality, reciprocity and mutual benefits.
This Memorandum of Understanding was signed by the Chairman & Chief Executive Officer of SONATRACH, Mr. Nour Eddine DAOUDI and the Chairman & Chief Executive Officer of PVEP, Mr. Thien Bao NGUYEN, during a ceremony held in the presence of the Prime Minister Mr. Sifi GHRIEB and his Vietnamese counterpart Mr. Pham Minh CHÍNH.
This Memorandum of Understanding is particularly focused on cooperation in the framework of exploration, development and/ or production of hydrocarbons projects in Algeria and / or abroad, which encompasses downstream Activities (refinery) and technical services (engineering, petroleum operations.) as well as oil and LNG trading.
The Memorandum of Understanding deals also with the exchange of expertise in the matters of low carbon emissions solutions (CCS, CCUS, GHG..) and Research & Development. It also provides for knowledge sharing and improvement of professional skills.
As a reminder, Petrovietnam Exploration Production Corporation Ltd. (PVEP) has been a long-standing partner of SONATRACH. Subsidiary of the Vietnamese State-owned company Petrovietnam, it is specialized in hydrocarbon exploration and production and plays a paramount role in Vietnam’s economy, it also operates internationally.
The signing of this Memorandum of Understanding constitutes a major step forward in the field of energy cooperation between Algeria and Vietnam and expresses SONATRACH’s endeavour to expand its partnerships worldwide.
End of Press Release.