On April 2, Vietnam National Petroleum Group (Petrolimex) and South Korea’s GGenTec signed an MoU on cooperation to deploy a waste-to-sustainable energy venture.
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This event marks a significant step in Petrolimex’s energy transition journey, while contributing to diversifying supply sources.
As energy transition accelerates globally, Vietnam commits to achieving net-zero emissions by 2050. In this context, Petrolimex reaffirms its role as an industry leader in developing energy. The group has implemented a slew of solutions, including processing recycled oil from waste oil, waste plastics, and waste rubber, contributing to diversifying supply and pursuing sustainable development.
Under the MoU, Petrolimex and GGenTec will cooperate in researching and investing in a plant to produce recycled oil from waste oil, waste plastics, and waste rubber. The venture aims to build a closed-loop value chain from waste collection and recycling to the production and distribution of recycled oil.
While Petrolimex boasts warehousing infrastructure, logistics systems, and a nationwide distribution network, GGenTec provides investment expertise and advanced technology in the biofuels and renewable energy sectors.
Pham Van Thanh, chairman of Petrolimex, said, “Petrolimex aims to become Vietnam’s leading energy group in green, clean, and high-quality fuel products. The tie-up not only marks the beginning of the partnership between two energy companies but also reflects a shared commitment to the environment and the future of the country.”
In the same vein, Lee Hope, chairman of GGenTec, said, “GGenTec is committed to developing innovative solutions to convert waste into sustainable energy. We look forward to bringing this technology to Vietnam. The MoU underscores the mutual commitment of two sides to create a future based on collaboration and technology.”
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