In the context of the complex world geopolitical situation, affecting global energy supply, posing an urgent requirement for diversification of supply sources and sustainable energy transition, on April 2, 2026, at headquarters No. 01 Kham Thien, Vietnam National Petroleum Group (Petrolimex/Group) and GGenTec Company signed a Memorandum of Understanding on cooperation in researching a renewable oil production plant project from waste oil, waste plastic and waste rubber.
The event marks an important step forward in the energy transition journey, while contributing to diversifying supply sources and strengthening Petrolimex's sustainable development strategy.
Attending the signing ceremony, on the side of GGenTec Company were Mr. Lee Hope - Chairman of GGenTec Company (Korea); Mr. Nguyen Xuan Minh - Chairman of GGen Company (Vietnam); Mr. Kim Min Kyu - General Director of GGen Company and representatives of leaders of the company's departments.
On the group's side, presiding over the reception and working session with the delegation were Chairman of the Board of Directors Pham Van Thanh, along with Deputy General Director Nguyen Ngoc Tu; Assoc. Prof. Dr. Van Dinh Son Tho - energy expert of the group and representatives of leaders of professional departments.
In the context of the global economy entering a strong energy transition era, Vietnam commits to the goal of net zero emissions by 2050, Petrolimex clearly identifies the pioneering role of leading enterprises in developing sustainable energy solutions. Implementing the policy and direction of the Government, Petrolimex proactively implements a series of solutions, including solutions to process renewable oil from waste oil, waste plastic and waste rubber... contributing to diversifying supply sources and sustainable development in the context of the complex global geopolitical situation, affecting global energy supply.
GGenTec Company is a business with experience, capacity and prestige in the field of investment and development of energy projects, especially biofuels and renewable energy.
Petrolimex and GGenTec will cooperate in researching and investing in renewable oil production plants from waste oil, waste plastic and waste rubber in Petrolimex's infrastructure system and National Energy Centers that Petrolimex has registered to deploy. The combination of modern infrastructure, a widespread distribution network and a reputable brand of Petrolimex, along with GGenTec's investment and project development experience, is expected to create synergistic strength to optimize the value chain from collection - recycling - production - distribution of renewable oil products, contributing to the formation of a circular economy model in the energy sector in Vietnam.
Speaking at the signing ceremony, Chairman of Petrolimex's Board of Directors Pham Van Thanh emphasized: "From a traditional gasoline and oil business, Petrolimex aims to transform itself into a leading energy corporation in Vietnam, providing green, clean, and sustainable energy products. Cooperation between Petrolimex and GGenTec is not only the starting point for the relationship between the two energy businesses, but also a common commitment to the environment and the future of the country.
On GGenTec's side, Mr. Lee Hope - Chairman of the company - shared: "GGenTec is committed to developing innovative solutions to transform waste into sustainable energy and expects to bring this technology to Vietnam. The Memorandum of Understanding demonstrates the common commitment of the two sides to building a sustainable future based on cooperation and technology.
The cooperation between Petrolimex and GGenTec aims to develop a recycled energy model, in which waste is regenerated into resources, contributing to reducing environmental pressure and improving resource efficiency. With the complementary advantages of the two enterprises, the project is expected to promote solutions to convert waste into energy in Vietnam in a practical and sustainable direction.
