UAE expects to build transshipment and storage center for petrochemical products in Viet Nam

Minister of Industry and Advanced Technology, Managing Director & group CEO of Abu Dhabi National Oil Company (ADNOC) Saltan Bin Ahmed Al Jaber made that above statement during his meeting with Vietnamese Prime Minister Pham Minh Chinh in Abu Dhabi on October 29.

According to the Minister, UAE's President Sheikh Mohammed bin Zayed Al Nahyan was satisfied and highly appreciated the substantive discussion with Prime Minister Pham Minh Chinh, emphasizing the importance of the Viet Nam-UAE relationship for the prosperity of each country and the region.

Regarding the efforts of both sides on the signing of the Comprehensive Economic Partnership Agreement (CEPA), the Minister expressed his hope to promote cooperation with Viet Nam across various fields, especially in energy development, including oil refining projects, liquefied natural gas (LNG), and notably renewable energy projects such as wind and solar power.

The UAE has strong capabilities in high-tech industries, artificial intelligence, productivity enhancement, and technology optimization, expecting both sides will establish points of contact to foster cooperation in these proposed fields, he shared.

Prime Minister Pham said that there are ample room for Viet Nam and the UAE to foster collaboration across all sectors, especially energy, high-tech, and artificial intelligence, expressing his hope that the UAE's Ministry of Industry and Advanced Technology and businesses will make efforts to promote cooperation in these areas.

Viet Nam is developing oil and gas industry, including exploration, refining, and trade in oil and gas, he said, adding that currently, the country has three oil refineries but needs more not only to meet domestic demand but also supply the international market.

Pham called on UAE corporations to collaborate with Viet Nam in carrying out specific projects, including the establishment of a transshipment and storage center for crude oil and petrochemical products.

Viet Nam is currently continuing to complete its institutions and legal framework to create favorable conditions for foreign investors to invest in the country, including legal regulations related to the electricity sector, he noted, urging the UAE corporations to discuss with their Vietnamese counterparts to implement specific cooperation projects.

The ADNOC, established in 1971, operates in the oil, gas, and energy sectors. It is one of the largest oil companies in the world.

In 2022, ADNOC, along with its partners, launched the ADNOC Voyager lubricant brand in Viet Nam. The company is working with Hyosung Group (South Korea) to jointly invest in projects in Viet Nam, with a total investment of approximately US$2 billion in the fields of sustainable aviation fuel production, clean energy, data centers, and petrochemicals.

The same day, Prime Minister Pham had a meeting with Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority. 

Pham suggested the ADIA support Viet Nam in establishing an investment fund for the development of transportation and climate change adaptation infrastructure, green transition, energy transition, digital transformation, innovation, and artificial intelligence.

He also called for further cooperation in building and developing financial centers in Ho Chi Minh City and Da Nang City, free trade zones, and transshipment centers for crude oil and petrochemical products in Viet Nam.

The ADIA, established in 1976, is the agency representing the Government of Abu Dhabi, UAE, in managing Abu Dhabi's investment funds. The ADIA manages assets of approximately US$830 billion, making it the fourth largest investment fund in the world./.