PV Oil Co., Vietnam's state-owned oil marketing company, will buy 1.2 million barrels of crude from Brunei during 2012, according to a statement on its website.

PV Oil signed the agreement on Feb. 21 in Ho Chi Minh City with Brunei Shell Petroleum Co., a joint venture between Royal Dutch Shell Plc (RDSA) and the Brunei government.

PV Oil will purchase two 600,000 barrel cargoes and process them at Vietnam Oil & Gas Co.'s Dung Quat refinery, it said in the statement.

Dung Quat can process 131,000 barrels of oil a day, according to data compiled by Bloomberg News.