On October 16, Prime Minister Lê Minh Hưng met Tengku Muhammad Taufik, Chairman and CEO of Petronas, during a Petronas delegation visit to Vietnam. Petronas proposed working with Petrovietnam and domestic firms to develop LNG infrastructure, supply LNG under long-term contracts, and cooperate on offshore wind, hydrogen, carbon capture and storage, technology transfer, and the Vietnam-Malaysia-Singapore power grid link. The government supports Petronas expanding investment and signing new petroleum contracts for open blocks on Vietnam's continental shelf, and welcomed the Strategic Alliance Agreement (SAA) between Petronas and Petrovietnam. The Prime Minister cited Block PM3-CAA, first signed on February 16, 1989, which has produced a cumulative 250 million barrels of oil and 43 billion m³ of gas, with total revenue of over 25 billion USD. He asked both sides to quickly put a joint coordination mechanism into operation.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Sau dự án mang về hơn 25 tỷ USD, DN Malaysia ngỏ lời cung cấp "vàng lỏng", chuyển giao công nghệ cho Việt Nam
Keywords
Petronasnatural gasVietnamenergy security
Open a keyword to see other news on the same topic.
Related news
- UK : Unite announces 24 - hour strike action by offshore Apache workers set to hit united kingdom fuel supplies
- Russia issues stark warning: 'Europe has no other choice'
Russian Deputy Prime Minister Alexander Novak warned that Europe will struggle to fully make up for lost gas supply if it keeps cutting Russian volumes, amid instability in the Strait of Hormuz and disrupted production at a Qatari LNG facility that halted after attacks in March. He said the EU's LNG import ban, effective January 1, 2027, makes little sense while supply is tight, and that European consumers would bear the consequences. Novak estimated European gas reserves are about 10% below the average of previous years, and Reuters forecasts storage will reach only about 75–78% of capacity by November, well below the five-year average. Still, Russia supplied about 12 million tonnes of LNG to Europe in the first nine months of 2026, higher than a year earlier, as European buyers rush to purchase and stockpile before the ban. The EU has adopted a roadmap to end Russian gas imports, banning long-term LNG contracts from January 1, 2027 and phasing out pipeline gas during 2027.
- Trump Envoys Push Russian Gas Transit in Ukraine Peace Talks
According to The New York Times, US envoys Steve Witkoff and Jared Kushner urged Ukraine and European allies to consider resuming Russian gas transit through Ukrainian pipelines as an economic element of a peace settlement. The idea faces firm opposition in Europe, especially Germany, where officials argue that reliance on Russian hydrocarbons undermines energy security. Washington argues that restored flows would give the Kremlin a commercial incentive to halt military operations and bring transit revenue for Ukraine's reconstruction, and some officials suggest the US could seek a share of the proceeds. The White House confirmed its proposals include economic incentives for both sides and denied actively discussing a revival of Nord Stream 2, though one source called restarting intact segments the “simplest step”. In Germany, the AfD, polling near 30 percent, has campaigned for cheap Russian gas imports, while European officials warn restored flows would undermine sanctions and generate billions for Moscow's defense industry.
- Victorian Opposition Vows to Scrap Labor Gas Appliance Ban Within 100 Days of Election Win
Victoria's Liberal-National opposition, led by Jess Wilson, pledges to scrap Labor's gas appliance ban within its first 100 days in office if it wins the upcoming state election, arguing the rules raise housing costs and energy bills. Under current rules, new homes and most commercial buildings must be all-electric from 1 January 2027, and domestic hot water systems that need replacing must switch to electric units from 1 March 2027, although gas stoves and heating systems can still be replaced with gas equivalents. The opposition says the ban adds up to $15,000 to new-home costs, while modelling by the Australian Gas Infrastructure Group projects annual gas distribution bills for households rising by $142 to $267 as demand falls. Energy Minister Jaclyn Symes defends the policy as a way to lower power bills and reserve gas for industry, pointing to a $140 discount on induction cooktops and subsidies for reverse-cycle air conditioners. Business groups and gas network operators warn that rapid disconnections could strand infrastructure and push costs onto remaining customers.
- Malaysia's Petronas proposes long-term LNG supply to Vietnam
At a meeting with Prime Minister Lê Minh Hưng on October 16, Petronas proposed long-term LNG supply contracts and joint development of LNG infrastructure with PVN and domestic companies, and expressed interest in offshore wind, hydrogen, carbon capture and storage, and technology transfer. Petronas also wants to advance the Vietnam–Malaysia–Singapore power grid interconnection project. The Vietnamese government said it supports Petronas expanding investment and signing new petroleum contracts in open blocks on the continental shelf, and that procedures are being cut for energy projects. The two companies have cooperated for more than 30 years, and the PM3-CAA block has produced a cumulative 250 million barrels of oil, 43 billion m3 of gas and over $25 billion in revenue.
- Taiwan Is Planning $4 Billion Industrial Parks in Texas for Nvidia’s Suppliers
Taiwan's government supports a plan for U.S. industrial parks, starting in Texas, with the first complex costing up to $4 billion, aimed at smaller suppliers serving TSMC and AI server assemblers such as Foxconn. The Taiwan Electrical and Electronic Manufacturers' Association is expected to raise the funds, while the government would offer loan guarantees, visas and land access, with each site estimated at $2 billion to $4 billion. Nvidia, TSMC and Foxconn have made no commitment, and no suppliers, schedule or customer contracts have been named. Jensen Huang said Nvidia's supply covers only about 70% of current demand, and TSMC said Texas is one of the options it is evaluating, with no investment announced. Nvidia and TSMC's U.S. shares fell 1.84% and 1.80% on October 15 amid a broader tech sell-off.
Related markets
Latest news
- Winning over Vingroup and Sun Group with concrete and special materials: Vietnamese company's profit up 136%, chairman speaks out
Song Da Cao Cuong (SCL) reported Q3/2026 profit of VND 38 billion, up 136%, on net revenue of over VND 263 billion (up nearly 98%), while gross profit margin rose from about 36% to 41%. For the first nine months, revenue reached nearly VND 666 billion (up 81%) and after-tax profit nearly VND 94 billion, already exceeding more than 110% of its full-year profit target. Chairman Kieu Van Mat attributed the results to technology upgrades, production line optimization and capacity expansion, with several new plants expected to start operations by November 2026. The company said it spent more than two years testing its products before Vingroup accepted them; Vingroup's share of its business has fallen to about 25% as customers expanded to around 10 major groups and exports began to Laos, Cambodia and the Philippines. Over the past two years, the company has invested about VND 1,000 billion in factories and technology.
- Coteccons Chairman Bolat Duisenov reveals new direction: expanding home construction for individual customers
At the annual general meeting on October 20, Coteccons (HoSE: CTD) set fiscal 2027 targets of VND 42,000 billion in revenue and VND 1,050 billion in after-tax profit, and said it is considering expanding into residential construction for individual customers (B2C). In fiscal 2026, net revenue reached VND 34,340 billion (up 38%, 115% of plan) and after-tax profit VND 788 billion (up 73%); new contract wins totaled VND 60,307 billion and backlog was about VND 70,000 billion. In the first quarter of the new fiscal year, the company booked revenue of VND 11,270 billion and profit of VND 306 billion, but new contract value of VND 14,519 billion was lower than a year earlier; the company said it is tightening criteria for selecting clients and projects. Coteccons is also working with Microsoft, is expected to become a strategic partner of Workday, and targets raising its ROE from 10% to 15-18% by 2030.
- UPS Yields 6.7% After Firing Amazon. Here's Whether the Dividend Survives 2027.
UPS shares yield 6.7% as of October 16. The company has moved away from high-volume, low-margin Amazon deliveries and froze its dividend earlier this year, ending a 16-year streak of increases. The article says the payout will likely remain frozen through 2026 and 2027, citing competition from 10- and 30-year Treasury yields above 5% and other industrial dividend payers, but calls the dividend's safety questionable: UPS generated $5.47 billion in free cash flow in 2025, with $5.4 billion going to dividends, and free cash flow is projected to fall to $5.05 billion in 2026 and $5.01 billion in 2027, with the dividend absorbing about 98% of 2026 free cash flow. Rising competition and high fuel prices add pressure, and the article suggests investors may find more safety in the industrial sector.
- Asian shares mostly decline after AI stocks lead a rebound on Wall Street
Asian shares mostly fell in cautious trading on Tuesday after AI-related stocks rebounded on Wall Street, while other sectors stayed shaky and oil prices stayed high. Japan's Nikkei 225 slipped 0.6% to 64,512.35 in early trading, South Korea's Kospi dropped 2.8%, and Australia's S&P/ASX 200 lost 0.8%. On Wall Street, the S&P 500 rose 0.4% and the Nasdaq gained 1.1%, helped by Nvidia's 1.4% gain, while most stocks outside AI and tech fell and the Dow slipped 0.1%. The 10-year Treasury yield climbed to 5.14%, and U.S. crude rose to $103.50 a barrel and Brent to $109.47, as uncertainty about when the energy industry will return to normal after the war with Iran means oil is unlikely to ease soon.
- Asian shares mostly decline after AI stocks lead a rebound on Wall Street
Asian shares mostly fell in cautious trading Tuesday after AI-related stocks rebounded on Wall Street, while other sectors stayed shaky and oil prices remained high. Japan's Nikkei 225 slipped 0.6% to 64,512.35, Australia's S&P/ASX 200 lost 0.8% to 8,772.10, and South Korea's Kospi dropped 2.8% to 5,605.31. On Wall Street, the S&P 500 rose 0.4% and the Nasdaq rallied 1.1%, helped by Nvidia, while the Dow fell 0.1%. The 10-year Treasury yield climbed to 5.14%, and U.S. crude rose 0.15% to $103.50 a barrel as uncertainty over the war with Iran kept oil prices elevated.
- What Could X-Energy (XE) Gain From Its 960MW Indiana Nuclear Project?
X-Energy (NasdaqGS:XE), American Electric Power and Amazon agreed to assess a 960 MW advanced nuclear project in Indiana using Xe-100 reactors, on a former coal plant site. Under the joint development agreement, Amazon would provide development funding and commit to a long-term power purchase. The article says the deal offers commercial validation for X-Energy's reactor platform rather than immediate financial relief, as the company, with a $4.3b market cap, reported $150.28 million in revenue, a $448.87 million loss, and a 20.2x price-to-sales ratio. The next key milestone is whether the study reaches a final investment decision for the Sullivan County site.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.