Vietnam National Petroleum Group (Petrolimex) and the Asian Development Bank (ADB) signed a memorandum of understanding (MoU) on energy transition cooperation in Hanoi on Wednesday. 

Under the deal, the bank will provide a technical support package to help the Vietnamese oil and gas company implement various relevant initiatives, including assessing its investment and business portfolio, and building energy transition roadmaps. 

The cooperation is aimed at making Petrolimex’s products cleaner and greener, fueling the company’s plan to switch to a low-carbon economy, which aligns with ADB’s strategies in Vietnam during the 2023-26 period.

Petrolimex chairman Pham Van Thanh hoped that the partnership with ADB would generate positive and practical results, helping the firm not only optimize its energy strategies but also create innovative solutions to fulfill its sustainability and carbon neutralization goals.

ADB’s country director for Vietnam Shantanu Chakraborty emphasized that Petrolimex, with its expertise, strong position, and experience in the oil and gas field, would efficiently run green hydrogen production facilities and promote sustainable jet fuel growth.

The two parties expected the MoU to serve as a stepping stone for a strategic research project and pave the way for Petrolimex to become Vietnam’s leading supplier of green, clean, and eco-friendly energy products in 2025, with a vision toward 2035.

Thanh told a recent Petrolimex shareholder meeting that in the next five or seven years, the increasing use of electric vehicles and the strong green transition would affect the firm’s operations.

Therefore, the company is prioritizing the development of green fuels and clean energy while investing in charging stations at its petrol stations.

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