en.Wedoany.com Reported - Commodity trader Vitol said on Wednesday that its subsidiary Vitol Asia has signed a crude oil sales and purchase agreement with the Nghi Son Petroleum Products Distribution Branch, authorized by Petrovietnam, to supply one cargo of crude oil to the Nghi Son Refinery and Petrochemical Company. This marks the first crude oil supply transaction between Petrovietnam and Vitol for the Nghi Son refinery.

The trader stated that this transaction represents a concrete step in implementing the memorandum of understanding previously signed by the two parties in Singapore. After the closure of the Strait of Hormuz, these refineries lost access to Middle Eastern supply sources, allowing commodity traders like Vitol, with global procurement networks, to deliver alternative crude oil to Asian refineries.

In May, Petrovietnam received the first batch of Jeno crude oil from the Republic of Congo for the Nghi Son Refinery and Petrochemical Company. Nghi Son earlier stated that it is considering securing sufficient crude oil for operations through quarterly tenders and spot purchases.

During the meeting, the two sides also explored opportunities to deepen cooperation in the energy sector, involving crude oil, petroleum products, liquefied natural gas (LNG), strategic reserves, and related activities.

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