Petrovietnam

PetroVietnam engineers exert efforts to fulfil the set target. (Photo: PetroVietnam) Hanoi (VNA) - In the second half of 2022, the Vietnam Oil and Gas Group (PetroVietnam) will continue to keep a close watch on market developments. The goal is to monitor world crude oil prices and market fluctuations to optimise reserves and operate oil production efficiently to stay in the black. Opportunities brought into full play, helping crude oil exploitation exceed target by 22% The world’s crude oil price dropped sharply in July and remains on a downward trend. The average price of Brent crude oil in July fell 9% month-on-month. In early August, the price continued to decline and fell to the lowest level since before the Russia-Ukraine conflict. The average price of petroleum products last month also decreased by 13-22% compared to that in June. In addition, the mobilisation of gas-fueled power is still low compared to the plan, and in the coming months, the demand for gas used in … [Read more...] about PetroVietnam optimises market fluctuations to keep oil production in the black

Illustrative image (Photo: VNA) Hanoi (VNA) – Despite various difficulties, the Vietnam National Oil and Gas Group (PetroVietnam) has rolled out measures to keep operations buoyant in the current situation and to engage in energy transition based on the future of the industry. According to the firm, the electrification sector has been greatly impacted by the growth of renewable energy sources. Meanwhile, liquefied natural gas (LNG) power projects under construction must develop a plan for conversion to hydrogen fuel. Gasoline demand in Vietnam is forecast to continue to increase and peak in 2030-2035, while the diesel oil (DO) market is likely to be affected more slowly, and the DO supply shortage is forecast to continue until 2035. According to Binh Son Refining and Petrochemical Joint Stock Company (BSR), in the short term, energy transition has not had a clear impact on the demand for petroleum products in Vietnam. However, in the long term, it is happening … [Read more...] about PetroVietnam rolls out measures to facilitate energy transition

The project, to be located in Ba Ria – Vung Tau Province, will be developed in two phases, with 70 percent of funding needed in the first, the state-owned company said in a proposal. If approved, this will be the third oil refinery in Vietnam. Vietnam is set to record a shortage of 19.5 million tons of fuel annually from 2030 and 49 million from 2045, Petrovietnam forecast. Domestic consumption is now at 18 million tons a year and will reach 33 million by 2030, but two existing refineries, Dung Quat and Nghi Son, will only be able to produce at most 13.5 million tons by 2025, it said. Vietnam's current fuel reserve is as low as 5-7 days of consumption, which means it must be dependent on imports, it added. As the country has been spending billions of U.S. dollars annually to import fuel, an additional oil refinery and storage complex is necessary, Petrovietnam said. Ba Ria – Vung Tau is suggested because the southern region consumes the most fuel in the nation at 45 percent … [Read more...] about Petrovietnam eyes $18.5 bln refinery

A view of Nghi Son Petrochemical and Refinery Plant (Photo: baodautu.vn ) Hanoi (VNA) – The Vietnam Oil and Gas Group (Petro vietnam ) has proposed the Government invest in a petrochemical and refinery complex and national oil storage in Long Son oil and gas industrial park in Long Son commune, Vung Tau city in the southern province of Ba Ria-Vung Tau, with a total investment of nearly 19 billion USD in two phases. The complex comprises two parts – a petrochemical and refinery plant project and a project to build a national storage for crude oil and petrol products. In the first phase, the petrochemical and refinery plant will have a capacity of processing 12-13 million tonnes of crude oil per year, along with 0.66 million tonnes of condensate, LPG and Ethane. The output of the plant will be 7-9 million tonnes of petroleum and 2-3 million tonnes of petrochemicals each year. In the second phase, the plant will receive additional investments to increase its output by 3-5 … [Read more...] about PetroVietnam proposes 19-billion-USD petrochemical complex, oil storage project

The construction will be divided into two periods. According to PetroVietnam , the group forecasts to complete the dossiers to submit to the government for approving the investment planning in January 2023. The schedule to establish the feasibility report for the complex will last from June to December 2023. The investment decision is expected to be approved in the first quarter of 2024. After that, the group will select the engineering, procurement, and construction contractors, and construction is expected to finish in December 2027. The refinery and petrochemical complex is expected to reduce the burden of dependence on imported petroleum and oil. PetroVietnam calculated that the demand for petroleum and oil in the domestic market will reach 25 million tonnes by 2025, which will increase to 33 million tonnes by 2030. Meanwhile, the current domestic supply of petroleum, including from Dung Quat Refinery and Nghi Son Refinery and Petrochemical (NSRP) is estimated at … [Read more...] about PetroVietnam to develop $19-billion refinery and petrochemical complex

They are Petrovietnam Gas Corporation (PV Gas), PetroVietnam General Service Joint Stock Corporation (Petrosetco), PetroVietnam Fertilizer and Chemicals Joint Stock Corporation (PVFCCo), and PetroVietnam Camau Fertilizer JSC. PV Gas is at the ninth place in the list this year. This is the 10th consecutive year that the company has been honoured in the list. The company posted record revenue and profit in the first six months this year, with net turnover at 54.342 trillion VND (2.32 billion USD at current exchange rate), up 35% year on year and after-tax profit at 8.637 trillion VND, up 98% year on year. In the period, PV Gas produced and supplied more than 1 billion tonnes of LPG, accounting for 70% of the domestic gas wholesale market. Meanwhile, it is the sixth time PVFCCo has made its way onto the list. The company has maintained its growth in the first half of this year, posting revenue of around 10 trillion VND and parent company’s pre-tax profit of over 4 trillion VND. The … [Read more...] about Four subsidiaries of PetroVietnam named in Forbes Vietnam’s list of top 50 listed firms

Revisions to the Petroleum Law are necessary to help boost the oil and gas industry's development. (Photo: VNA) Hanoi (VNA) – After nearly 30 years of enforcement, the Petroleum Law now needs revisions to be in line with international practices and Vietnam’s energy development strategy and create momentum for the oil and gas industry’s development. Nguyen Van Que, General Director of the Cuu Long Joint Operating Company - which is running the Su Tu Trang (White Lion) project, said the overlaps among existing laws such as the Petroleum Law and the Law on Public Investment have been impeding the implementation of exploration and exploitation projects. Citing difficulties his company faced when operating Su Tu Trang, he said in this law, the regulation on capital preservation at risky projects such as oil and gas exploration and exploitation should be amended in order to attract businesses, especially foreign ones. The Cuu Long JOC also proposed Article 47 on the making, … [Read more...] about Comprehensive revisions needed for Petroleum Law

The plant’s expansion was approved in December 2014 but was delayed by issues in the design, appraisal and approval process, and capital mobilization. Therefore, Petrovietnam and Binh Son Refining and Petrochemical (BSR), its operator, have sought official permission to adjust the scale, required technology and progress of the upgrade. Capacity was adjusted down to 171,000 barrels a day from 192,000, and investment was down by $0.54 million to $1.26 million. The BSR, expansion investor, called for incentives including the ability to negotiate and extend contracts with technology providers and to fast-track some processes. It also asked for a preferential corporate income tax rate of 10% in 30 years upon completion; a four-year tax exemption since making profits; a 50% tax cut in the next nine years; and an extension on the exemption of petroleum import tax to 2028. This would help Dung Quat operate more equally with Nghi Son Refinery, Vietnam’s latest and biggest refinery, it … [Read more...] about Vietnam’s first refinery calls for upgrade incentives

A PetroVietnam oil rig. The firm has carried out tasks to embrace the green transition. — VNA Photo The Vietnam National Oil and Gas Group (PetroVietnam) has rolled out measures to keep operations on track and embrace energy transition. According to the firm, renewable energy has brought radical changes to the energy sector. Liquefied natural gas power projects under construction are required to develop plans to switch to hydrogen fuel. The firm has carried out 12 green tasks to affirm its commitment to renewable energy. The tasks include greenhouse gas reduction, economical efficient use of energy, coal-fueled plants going green, Carbon Capture, and Usage and Storage. The film has also signed a memorandum of understanding with the Asian Development Bank (ADB) to cooperate in energy transition. PetroVietnam General Director Le Manh Hung revealed that the firm began to engage in the energy transition roadmap in 2019, but with a pace in line with the national targets. He … [Read more...] about National oil and gas firm to embrace energy transition

Hanoi (VNA) – The PetroVietnam Camau Fertilizer JSC (PVCFC) will halt the operation of its fertiliser factory for maintenance from August 18 to September 4, the firm has announced. Nguyen Duy Hai, Director of the factory, said that the firm has mobilised more than 1,000 staff from contractors and experts serving the maintenance. This is a regular work with the highest number of items ever. However, it has prepared plans to ensure the supply of fertilisers to farmers ahead of the upcoming Winter-Spring crop . In order to ensure the supply of high-quality fertilisers to farmers in the crop, the PPVCFC has designed production and transport plans to provide its products to all regions across the country. For the crop, the company has prepared over 350,000 tonnes of fertiliser of all kinds such as urea, NPK, and OM Ca Mau organic fertiliser./. VNA … [Read more...] about PVCFC ensures fertiliser supply despite 14-day maintenance