Tokyo:The Vietnam National Petroleum Group (Petrolimex) and Japan's ENEOS Corporation have signed a memorandum of understanding (MoU) to enhance fuel supply security and develop sustainable energy products for Vietnam. The MoU was signed in Tokyo on November 9, coinciding with General Secretary of the Communist Party of Vietnam Central Committee and President To Lam's official visit to Japan.

According to Agence Kampuchea Presse, the agreement represents a significant step in the strategic partnership between the two companies, initially established in 2016. The MoU aims to ensure and diversify fuel supplies and explore cooperation in high-quality petroleum products, petrochemicals, and new energy solutions. In case of market fluctuations or potential supply disruptions, the companies plan to coordinate by seeking alternative supply sources and collaborating on logistics.

Pham Van Thanh, Chairman of the Board of Management of Petrolimex, emphasized that the long-term strategic partnership with ENEOS is a top priority. The MoU is expected to leverage their strengths, diversify supply sources, and expand opportunities to develop high-quality petroleum products for Vietnamese consumers and businesses.

The Petrolimex-ENEOS partnership aligns with the two countries' goals to enhance economic ties, energy cooperation, and green transition. ENEOS Vietnam Co. Ltd, a strategic shareholder of Petrolimex, has been involved in practical cooperation areas such as corporate governance and emissions reduction solutions. The ongoing technical cooperation program with the Japan Cooperation Centre for Petroleum and Sustainable Energy (JCCP) focuses on improving environmental sustainability and reducing greenhouse gas emissions in petroleum distribution.