Discussing partnership opportunities with BP Group and Castrol

In her remarks, Ms. Michelle Jou, Global CEO of Castrol said that, driven by the transition to a lower carbon future, BP provides energy products and services to customers around the world. BP aims to become a new-energy enterprise by 2030 as it increases investment in low-carbon sectors, focuses on oil and gas production and makes progress in reducing emissions. BP, in addition, is one of the world's leading providers of aviation fuel products and services, serving more than 700 airports around the world, with over 6,000 refueled flights per day, across 50 countries.

On December 6, 2021, Castrol, BP, and the Vietnam National Petroleum Group (Petrolimex) announced the renewal of their joint venture agreement for the next twenty years, from 2022 to 2042. The joint venture company operates under the name of Castrol BP Petco Co. Ltd. Castrol BP Petco Co. Ltd. was established in 1992, under the joint venture between  Castrol, bp and Petrolimex. Backed by the strong partnership, Castrol BP Petco has since developed an ecosystem of more than 90 distributors nationwide, underpinning its  leading position in all segments, technical standards, and revenue as one of the leading lubricant manufacturers in Vietnam.

Ms. Michelle Jou, Global CEO of Castrol spoke at the meeting

Over the past 30 years, Castrol BP Petco has also created and contributed to stable and long-term jobs for the local workforce as well as service providers and retailers in Vietnam. In addition, the company is one of the top 100 foreign-invested enterprises consistently contributing to the state budget since 2012. With the joint venture renewal, Castrol BP Petco demonstrates its continued commitment and investment in Vietnam and will continue to focus on the growth of the local lubricant market.

According to Ms. Michelle Jou, the success of Castrol BP Petco Co., Ltd. is achieved thanks to the contributions of Petrolimex and the support and direction of the CMSC. Highlighting the potential in the Vietnamese market, Ms. Michelle Jou expressed her desire to discuss expanding cooperation and investment opportunities in the energy sector in Vietnam, especially the issue of reducing carbon emissions in transportation activities.

Acknowledging and appreciating the sustainable partnership between BP, Castrol and Petrolimex over the years, in his remarks, Vice Chairman of the CMSC Nguyen Ngoc Canh commented that Petrolimex, in recent years, has always planned safety solutions to ensure national energy security, serving socio-economic development, national defense and security and the people's consumption needs. Petrolimex’s retail sales system spreads throughout all 63 provinces and cities with petrol stations being situated in key locations. In Vietnam, the retail network of all economic sectors has more than 17,000 petrol stations, in which over 5,000 petrol stations belong to Petrolimex.  “There is more room to promote Petrolimex and BP and Castrol relations to a new level”, Vice Chairman Nguyen Ngoc Canh emphasized.

Mr. Nguyen Ngoc Canh, Vice Chairman of CMSC spoke at the meeting

Vice Chairman Nguyen Ngoc Canh assessed that Castrol, with more than 20 years of presence in the Vietnamese market, has linked and supplied products to more than 8,000 retailers of lubricants for motorbikes and cars. Castrol has become and is the leading brand in the Vietnamese lubricant market. While expressing his agreement with the direction of developing new products that meet Castrol's carbon neutrality standards, Vice Chairman Nguyen Ngoc Canh shared that the "National Strategy on Climate Change up to 2050" issued by the Prime Minister in Decision No. 896/QD-TTg dated July 26, 2022 clearly stated the specific target for the whole country to achieve net zero emissions by 2050 and specific solutions. In Decision 896/QD-TTg, a specific target was set to limit the total Greenhouse Gas (GHG) emission in 2030 is 43.5% reduction as compared to business-as-usual (BAU) scenario, of which the energy sector has a 32.6% and not over 457 Mtone of CO2e. By 2050, Viet Nam should reach the NetZero target and the energy sector is to reduce 91.6% of GHG emissions and not over 101 Mton of CO2e. It is noted that the energy sector in Vietnam includes manufacturing, construction, transport, commerce, household services and power generation.

Vice Chairman Nguyen Ngoc Canh highly appreciated BP’s modern petrol station located at 171 Talgarth Road, Hammersmith, London, within the framework of a business trip to the United Kingdom in October 2023. “With the combination of technology, automation and digital transformation, BP’s modern petrol station improves labor productivity, reduces labor and management costs while strengthening management and administration, minimizing risks of loss of security and safety. Petrolimex, in the future, could also learn and apply in the Vietnamese market", Vice President Nguyen Ngoc Canh affirmed.