Vietnam’s Binh Son Refining and Petrochemical Company signs an MoU with Chevron in Washington, D.C. (Photo: VOV)

The MoUs were signed with Chevron, Marquis Energy and ADM Asia-Pacific Trading.

The cooperation covers the supply of crude oil to the Dung Quat Oil Refinery, the feasibility study of supplying biofuel ethanol from the United States, and providing corn feedstock for ethanol production in Vietnam.

Barbara Harrison, Vice President for Crude Supply and Trading at Chevron, said, “We look forward to continuing partner around supplying both US crude oil and others in order to facilitate the safe and reliable production of energy for the people of Vietnam. We look forward to growing those volumes and hopefully to grow up to four to five million barrels by next year.”

Vietnam and the US are speeding up negotiations on a fair and balanced reciprocal trade deal, aiming to soon finalize a stable and long-term framework for economic and trade cooperation. The agreements help diversify supply sources and strengthen value-chain linkages and contribute to developing a balanced, stable and sustainable bilateral economic and trade relations.