Korea National Oil Corporation Partners with Vietnam National Oil Company for Oil Development and New Energy Projects

President Kim Dongseop Participates in President Yoon's Overseas Delegation

MOU for Joint Development and Low-Carbon Business Cooperation with PVN

Korea National Oil Corporation (KNOC), a state-owned energy company in South Korea, has joined hands with Vietnam's state-owned oil company to strengthen cooperation in the energy sector, including oil development.

KNOC (President Kim Dong-seop) signed an MOU with PetroVietnam (PVN), Vietnam's state-owned oil company, to mutually cooperate in oil development, low-carbon new energy projects, and oil stockpiling, coinciding with President Yoon Suk-yeol's visit to Vietnam.

Kim Dong-seop, who accompanied President Yoon's economic delegation to Vietnam, attended the 'Korea-Vietnam Business Forum' held in Hanoi on the 23rd and subsequently held the MOU signing ceremony with PVN.

The signing ceremony was attended by key government officials from both countries, including Lee Chang-yang, Minister of Trade, Industry and Energy, and Nguyen Chi Dung, Minister of Planning and Investment of Vietnam.

The MOU signed between KNOC and PVN focuses on ▲ discovering new joint business opportunities through close cooperation in oil development projects ▲ strengthening business cooperation between the two companies in CO2 overseas storage joint research and low-carbon new energy fields ▲ rapid construction and operational cooperation of the Vung Cat oil stockpiling project (underground storage project) in Vietnam.

With this MOU, future efforts will gain momentum not only in Vietnam but also in promising overseas regions to discover and expand cooperation in oil development opportunities, as well as jointly explore overseas CO2 storage sites and promote projects in the low-carbon new energy sector to secure future growth engines.

Additionally, KNOC is expected to significantly contribute to strengthening energy security cooperation between the two countries by securing a priority purchase right for 1.3 million barrels of crude oil during the construction of the Vung Cat stockpiling base in Vietnam.

Earlier, on the 21st in Hanoi, Kim Dong-seop met with Le Manh Hung, CEO of PVN, to exchange various opinions on enhancing joint cooperation in oil development, low-carbon new energy fields, and oil stockpiling projects, agreeing to further expand their mutual partnership.

Kim Dong-seop, President of KNOC, evaluated, “As seen in the Vietnam 15-1 block case, where KNOC has led since the exploration stage in 1998 and achieved outstanding operational results to date, the partnership between KNOC and PVN in the oil development sector has been very successful.”

He also emphasized, “Taking advantage of President Yoon’s visit, cooperation projects between the two companies to prepare for energy security and the future energy transition era will be carried out more actively.”

Korea National Oil Corporation.

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