Against the backdrop of ongoing challenges to global energy supply, which underscore the urgent need for supply diversification and a sustainable energy transition, Vietnam National Petroleum Group (Petrolimex) and South Korea’s GGenTec Company signed a Memorandum of Understanding (MoU) on April 2, 2026, at Petrolimex Headquarters (No. 1 Kham Thien Street), to jointly explore the development of a regenerative oil production plant that converts waste oil, plastic waste, and waste rubber into valuable energy products.

The signing marks a significant milestone in the energy transition process, supporting the diversification of energy supply sources and further strengthening Petrolimex’s long-term sustainability strategy.

Attending the signing ceremony on behalf of GGenTec were Chairman of GGenTec Korea, Lee Hope; Chairman of GGen Vietnam, Nguyen Xuan Minh; General Director of GGen Company, Kim Min Kyu; and representatives from the company's functional departments.

Representing Petrolimex, the delegation was welcomed and hosted by Chairman Pham Van Thanh, together with Deputy General Director, Nguyen Ngoc Tu, and representatives of the Group’s specialised divisions.

As the world enters an era of rapid energy transition and Vietnam pursues its commitment to achieving net-zero emissions by 2050, Petrolimex recognises its pioneering role as the country's leading petroleum enterprise in developing sustainable energy solutions. In line with the Government’s policies and directives, Petrolimex has proactively implemented a range of initiatives, including the production of regenerative oil from waste oil, plastic waste, and waste rubber. These efforts contribute to the diversification of energy supply sources and support sustainable development amid increasingly complex geopolitical developments that continue to affect global energy supplies.

GGenTec is a reputable company with extensive experience and proven capabilities in the investment and development of energy projects, particularly in the fields of biofuels and renewable energy.

Under the cooperation framework, Petrolimex and GGenTec will jointly study the investment and development of a regenerative oil production plant utilizing waste oil, plastic waste, and waste rubber at Petrolimex's existing infrastructure facilities and the National Energy Centers that Petrolimex has registered to develop. The combination of Petrolimex’s modern infrastructure, extensive distribution network, and trusted brand, together with GGenTec’s expertise in project investment and development, is expected to create strong synergies that optimise the entire value chain from collection, recycling, and production to the distribution of regenerative oil products. This collaboration will contribute to the development of a circular economy model for Vietnam’s energy sector.

Speaking at the signing ceremony, Mr. Pham Van Thanh, Chairman of the Board of Management  of Petrolimex, emphasised: “From a petroleum business, Petrolimex aims to transform itself into Vietnam’s leading energy group, providing green, clean, and sustainable energy products. The cooperation between Petrolimex and GGenTec is not only the beginning of a partnership between two energy companies, but also a shared commitment to the environment and the future of our country.”

On behalf of GGenTec, Chairman Lee Hope said: “GGenTec is committed to developing innovative solutions that transform waste into sustainable energy, and we look forward to bringing this technology to Vietnam. This Memorandum of Understanding reflects our shared commitment to building a sustainable future founded on collaboration and technological innovation.”

The cooperation between Petrolimex and GGenTec aims to develop a circular energy model in which waste is regenerated into valuable resources, helping to reduce environmental pressures and improve resource efficiency. By leveraging the complementary strengths of both companies, the project is expected to advance practical and sustainable waste-to-energy solutions in Vietnam.