The memoranda of understanding (MoUs) were signed in Washington on February 3 in the presence of Vietnam’s acting Minister of Industry and Trade Le Manh Hung.

Under the MoUs, Binh Son Refining and Petrochemical (BSR) will work with Chevron, Marquis Energy and ADM Asia-Pacific Trading on potential crude oil supplies for the Dung Quat refinery, as well as on sourcing ethanol and corn feedstock from the United States for biofuel production in Vietnam.

The signing comes as Vietnam and the United States are stepping up negotiations on a fair and balanced reciprocal trade agreement, with energy identified as a key area of cooperation.

Barbara Harrison, vice president for crude supply and trading at Chevron, noted the firm aims to continue supplying US-produced crude and other grades to support reliable energy production in Vietnam.

Chevron hopes to increase volumes and is targeting around 4 to 5 million barrels next year, she said.

BSR chief executive Nguyen Viet Thang said the deals cover three main areas of cooperation and are aligned with government guidance to promote sustainable and mutually beneficial Vietnam-US trade relations.

According to the Ministry of industry and Trade, the cooperation documents would help diversify Vietnam’s energy supply sources, strengthen value-chain linkages and contribute to stable and long-term economic cooperation between Vietnam and the United States.

New offshore oil field discovered in Vietnam with strong potential

VOV.VN - Vietnam has recorded a positive result at the Hai Su Vang (HSV-2X) oil field in Block 15-2/17 in the Cuu Long Basin offshore southern Vietnam, following a successful appraisal well drilled by a subsidiary of US-based Murphy Oil, the Ministry of Industry and Trade said on January 29.