Announcing strategic cooperation between AZ Petro and Petronas in the North and Central regions

(HNMO) - On June 6, in Hanoi , AZ Petrochemical Joint Stock Company (AZ Petro) officially announced a strategic partnership with Petronas Lubricants International (PLI).

AZ Petro representative signed distribution contracts with general agents.

Speaking at the announcement ceremony, Mr. Hoang Chi Trung, General Director of AZ Petro, said that Vietnam is currently the third largest lubricant consumption market in Southeast Asia with a consumption of about 387 million liters in 2022, worth 1 billion USD. The growth rate of the lubricant market in our country is about 4-6%, higher than the world average (1.5 - 2% / year). Therefore, most of the world's famous lubricant brands are now present in Vietnam. Foreign brands account for about 70% of the market share, domestic oil brands account for 20-30%. Realizing the potential of the Vietnamese market, Petronas - an oil and gas company owned by the Malaysian Government, has sought opportunities and chosen AZ Petro as a strategic importer and distributor of a variety of oil and lubricant products for equipment and engines in the Northern and Central regions.

Mr. Nguyen Thanh Chung, Chairman of the Board of Directors of AZ Petro, also shared that AZ Petro's goal in the next 5 years is to become the leading company in the Vietnamese lubricant industry and put Petronas in the group of lubricant brands with the largest and most stable market share. Cooperating with Petronas is a big challenge but also brings development opportunities for the Company.

“Vietnam is a key strategic market for Petronas as it expands its fluid technology solutions services, bringing benefits to consumers in Vietnam. Being a prestigious brand in the international arena, the latest high-performance products have been well received by Vietnamese consumers over the years. This strategic partnership with AZ Petro is expected to continue to elevate the brand to new heights in the Northern and Central Vietnam markets,” said Mr. Khalid Latiff, Managing Director of PLI Asia at the ceremony.

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