UAE wants to build a petroleum product transit and storage center in Vietnam

Vietnam is a country with potential and is developing the oil and gas industry (oil exploitation and refining), as well as oil and gas trade. Currently, Vietnam has 3 oil refineries, but more factories in this field are needed to serve domestic demand and supply foreign markets. He suggested that UAE corporations cooperate with Vietnam through specific projects, including building a transit center, storing crude oil and refined petrochemical products.

The UAE is the second largest economy in the Gulf region, a leading financial and commercial center in the Middle East. It is also the fourth largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC). The key industry is oil exploration and processing, accounting for 30% of GDP. Oil production is about 3.046 million barrels per day.

The main natural resources are oil and gas (oil reserves of 98 billion barrels, accounting for about 10% of the world's total proven oil reserves), gas reserves of 5,892 billion m3, ranking 4th in the world.

Abu Dhabi National Oil Corporation (ADNOC), founded in 1971, operates in the oil, gas and energy sector of the UAE and is one of the world's largest oil companies. The corporation plans to invest $150 billion over the next five years to build global infrastructure.

During his official visit to the United Arab Emirates (UAE), on the morning of October 29, local time, in the capital Abu Dhabi, Prime Minister Pham Minh Chinh received Mr. Saltan Bin Ahmed Al Jaber, Minister of Industry and High Technology, CEO of the UAE's Abu Dhabi National Oil Corporation (ADNOC) and his associates...

Prime Minister Pham Minh Chinh and Mr. Saltan Bin Ahmed Al Jaber, Minister of Industry and High Technology, CEO of ADNOC Group - Photo: VGP

Welcoming Prime Minister Pham Minh Chinh's visit to the UAE, Minister Saltan Bin Ahmed Al Jaber and his colleagues said that UAE President Sheikh Mohammed bin Zayed Al Nahyan was very pleased and appreciated the recent substantive talks with the Prime Minister, emphasizing the importance of the Vietnam - UAE relationship for the prosperity of each country and the region. Reviewing the efforts of both sides to sign the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA), the Minister wished to promote cooperation with Vietnam in many different fields, especially cooperation in energy development including oil refining projects, LNG liquefied gas, especially renewable energy projects such as wind power and solar power. The Minister also wished to build a transit center, storage of crude oil and petrochemical products in Vietnam to meet product demand for the whole region. The UAE Minister of Industry and High Technology said that the UAE has the capacity to develop high-tech industries, artificial intelligence, improve productivity, and optimize technology; he hoped that the two sides would establish a contact point to promote cooperation in the proposed fields. Congratulating the establishment and achievements of the Ministry of Industry and High Technology in line with the development trend of the UAE and the world in general, Prime Minister Pham Minh Chinh was pleased to say that the interest, cooperation, and investment in Vietnam by UAE ministries, sectors, and enterprises in Vietnam is very timely, concretizing the recently signed CEPA Agreement.

Minister Saltan Bin Ahmed Al Jaber wishes to promote cooperation with Vietnam in many different fields - Photo: Nhat Bac

Emphasizing that Vietnam-UAE scientific and technological cooperation is limitless, the two sides have great potential for cooperation in various fields, especially energy, high technology, artificial intelligence, and can be implemented immediately, Prime Minister Pham Minh Chinh hopes that the Ministry of Industry and High Technology, UAE enterprises, and the Minister and his associates will make efforts to promote cooperation. Informing about Vietnam's potential and strategy for energy development, especially wind and solar energy, which not only serve the domestic market but also export to some neighboring countries, the Prime Minister suggested that UAE corporations cooperate with Vietnam through specific projects. In the field of digital technology and artificial intelligence, Prime Minister Pham Minh Chinh said that Vietnam advocates development based on science, technology, innovation; is strongly promoting digital transformation, especially emerging industries such as artificial intelligence, cloud computing, Internet of Things, with many technology corporations growing to reach the world level such as FPT, Viettel... Along with that, Vietnam has established and built the National Innovation Center; especially promoting the development of the semiconductor industry, striving to train 50,000 engineers for this industry. Informing that, currently, Vietnam is continuing to perfect its institutions and legal system, creating favorable conditions for foreign investors to invest in Vietnam, including legal regulations related to the electricity industry, the Prime Minister suggested that UAE corporations connect and discuss with Vietnam to implement specific cooperation projects.

UAE Minister of Industry and High Technology Jaber expressed his wish that his country would build a transit and storage center for oil products in Vietnam.

Minister Jaber wants to promote energy development cooperation with Vietnam, including oil refining, LNG, wind power, and solar power projects. Mr. Jaber also wants the UAE to build a transit center and storage of crude oil and petrochemical products in Vietnam to meet regional needs.

Minister Jaber said the UAE has the capacity to develop high-tech and artificial intelligence industries. Therefore, the UAE hopes that the two sides will establish a contact point to promote cooperation in the proposed fields./.

Le Quang