PVOIL and PVEP Enhance Cooperation to Strengthen Petrovietnam’s Value Chain

11.11.2025

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In order to strengthen, expand, and deepen collaboration among member units and enhance the value chain of the Vietnam National Industry – Energy Group (Petrovietnam), on November 10, 2025, in Ho Chi Minh City, PetroVietnam Oil Corporation (PVOIL) and PetroVietnam Exploration Production Corporation (PVEP) held a Signing Ceremony for a Cooperation Agreement between the two corporations.

The ceremony was attended by Mr Tran Hong Nam – Member of the Party Committee Standing Board, Member of the Board of Members of Petrovietnam; Mr Duong Manh Son – Member of the Party Committee Standing Board, Vice President of Petrovietnam; as well as representatives of functional departments and member units of the Group.

Representing PVEP were Mr Nguyen Thien Bao – Deputy Secretary of the Party Committee, President & CEO of PVEP; along with members of the Board of Members, the Executive Board, and functional departments of the corporation.

Representing PVOIL were Mr Cao Hoai Duong – Member of the Party Committee of Petrovietnam, Secretary of the Party Committee, Chairman of the Board of Directors of PVOIL; Mr Nguyen Dang Trinh – Deputy Secretary of the Party Committee, President & CEO of PVOIL; along with members of the Board of Directors, the Executive Board, and functional departments of the corporation.

Accordingly, leveraging the strengths of each enterprise in their respective fields, PVOIL and PVEP will enhance cooperation with the goal of becoming comprehensive strategic partners throughout their business operations. Both corporations will jointly explore and promote specific collaborative activities to maximize the strengths and traditional business potential of each party, as well as other mutually interested fields, thereby increasing value creation.

The cooperation initiatives will be implemented in a unified and effective manner throughout the entire system—from the corporation level down to each subsidiary—aligned with the organizational models of each unit and in compliance with current legal regulations.

Speaking at the ceremony, Mr Nguyen Thien Bao – President & CEO of PVEP, emphasized that PVOIL and PVEP are both member units of Petrovietnam. Under the spirit of “One Team”, the two sides have established a strong and longstanding cooperative relationship. The signing of this Cooperation Agreement aims to extend, expand, and elevate the achievements already attained.

Mr Nguyen Thien Bao noted that over the past five years, PVOIL has acted as an oil sales agent, assisting PVEP and its partners in selling approximately 220 million barrels of oil across PVEP’s projects. Nearly all fuels used for the operation of PVEP’s projects have also been supplied by PVOIL. In addition to affirming the continuation and consolidation of this traditional cooperation, Mr Bao highly evaluated the potential for further collaboration, especially as PVEP’s domestic and international production is on the rise. PVEP commits to closely accompany PVOIL in achieving even greater accomplishments in the future.

Mr Nguyen Dang Trinh – President & CEO of PVOIL, emphasized that PVEP and PVOIL are two core units of Petrovietnam in the upstream and downstream segments, respectively; over the past years, both sides have closely coordinated and cooperated effectively. Based on this strong partnership, the signing of the Cooperation Agreement marks an important milestone in a new phase of collaboration between the two corporations. The agreement aims not only to leverage and maximize the potential and strengths of each party but also to materialize the Group’s policy of enhancing internal linkage, optimizing operational efficiency, and increasing the competitiveness of member units within Petrovietnam’s value chain.

PVOIL’s leadership firmly believes that, with a spirit of sincere, responsible, and professional cooperation, the strong traditional partnership between PVEP and PVOIL will continue to be strengthened and developed, elevating the effectiveness of the collaboration to new heights—commensurate with the capabilities and positions of both corporations and in line with the expectations of Petrovietnam.

Leaders of Petrovietnam, PVOIL, and PVEP witnessed the signing of the Cooperation Agreement between representatives of the two enterprises