Waste-to-oil Memorandum of Understanding signed by Petrolimex and GGenTec of South Korea

Petrolimex has signed a memorandum of understanding (MoU) with South Korean energy firm GGenTec to jointly explore the development of a facility that will convert waste oil, plastics, and rubber tyres into recycled oil.

The agreement was formalised at Petrolimex’s headquarters in Hanoi, with the MoU signed by Lee Hope and Nguyen Ngoc Tu.

Scope of Collaboration

Under the partnership, both companies will work together on research and investment for a recycled oil production plant to be integrated within Petrolimex’s existing infrastructure and national energy hubs. The initiative aims to optimise the entire value chain—from waste collection and processing to production and distribution—supporting the development of a circular economy model within Vietnam’s energy sector.

Part of a Broader Energy Transition

This collaboration aligns with Petrolimex’s broader strategy to diversify energy sources in response to evolving global geopolitical challenges and disruptions in supply chains. It also supports Vietnam’s commitment to achieving net-zero emissions by 2050, with Petrolimex positioning itself as a key player in advancing sustainable energy solutions.

Pham Van Thanh, Chairman of Petrolimex, stated that the company is transitioning from a traditional petroleum business into a leading energy group focused on clean and sustainable energy products. He added that the partnership with GGenTec represents not only a business collaboration but also a shared commitment to environmental responsibility and the country’s long-term future.

Company Backgrounds

Petrolimex is Vietnam’s largest petroleum company and one of its most significant state-owned enterprises. Established in 1956 and restructured into a joint-stock company in 2011, it continues to be majority state-owned and controls approximately 60–70% of the domestic fuel market through a nationwide logistics and distribution network. Its operations extend into related sectors such as insurance, transportation, and trading.

GGenTec is a privately held firm focused on energy project development, particularly in biofuels and renewable energy. Chairman Lee Hope identified Vietnam as a key market for deploying the company’s waste-to-oil technologies. However, publicly available information on GGenTec’s prior international projects or patents remains limited.

Strategic Intent

According to the announcement, GGenTec will contribute its expertise in waste-to-energy technologies, while Petrolimex will leverage its infrastructure, distribution capabilities, and established market presence.

Lee Hope emphasised the company’s commitment to developing innovative solutions that convert waste into sustainable energy, noting that the partnership reflects a shared vision of building a more sustainable future through collaboration and technology deployment.

The detailed article is published by https://vir.com.vn/ can be accessed from https://vir.com.vn/petrolimex-and-ggentec-implement-waste-to-sustainable-energy-venture-150038.html