Algeria’s Sonatrach and PetroVietnam Exploration Production Corporation (PVEP) have signed a Memorandum of Understanding (MoU) to enhance bilateral cooperation in the oil and gas sector. The agreement is based on principles of equality, reciprocity, and mutual benefit.
The MoU was signed by Sonatrach’s CEO, Noureddine Daoudi, and PVEP’s President and CEO, Thien Bao Nguyen, during a ceremony attended by the Algerian Prime Minister, Seffi Gherib, and his Vietnamese counterpart, Pham Minh Chinh.
The agreement focuses on collaboration within hydrocarbon exploration, development, and production projects both in Algeria and internationally. It also encompasses cooperation in downstream activities such as refining, technical services including engineering and petroleum operations, and the marketing of oil and liquefied natural gas.
Furthermore, the MoU addresses the exchange of expertise in low-carbon solutions, such as carbon capture and storage (CCS), carbon capture, utilization and storage (CCUS), and greenhouse gas management. It also covers research and development, knowledge sharing, and professional skills enhancement.
PetroVietnam Exploration Production Corporation has a long-standing partnership with Sonatrach. As a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), PVEP specializes in hydrocarbon exploration and production and plays a pivotal role in the Vietnamese economy, with international operations.
This agreement marks a significant step in strengthening energy cooperation between Algeria and Vietnam, reflecting Sonatrach’s commitment to developing international partnerships.
