Completion of institutions needed to develop oil and gas sector hinh anh 1Drilling platforms at Bach Ho oil field (Source: VNA)

Hanoi (VNA) – Politburo member and head of the Party Central Committee’s Economic Commission Nguyen Van Binh on January 25 stressed the need to complete institutions for the development of the oil and gas sector.

During a working session with leading officials of the Vietnam National Oil and Gas Group (PetroVietnam), Binh asked the group to review the implementation of the Politburo’s Resolution No.41 on orienting the Vietnam Oil and Gas Development Strategy by 2025 with a vision to 2035 to submit to the Politburo to issue a new resolution so as to cope with challenges and overcome difficulties facing the group, as well as the entire sector.

For difficulties in dealing with projects and businesses with bad performances, the group should seek a correct approach and quickly make proposals towards the promulgation of specific policies, he suggested.

After three years implementing Resolution No.41, PetroVietnam has well carried out disseminations and put forward several action plans and programmes to institutionalize the resolution’s content, he noted.

The group has gained remarkable achievements in business and production. Restructuring work has met requirements, and equitisation has been carried out drastically and effectively, with PetroVietnam Oil Corporation, PetroVietnam Power Corporation and Binh Son Refining and Petrochemical JSC (BSR) equitized in 2018.

To fulfill its set targets for 2019, PetroVietnam is striving to increase oil and gas reserves of 10-15 million tonnes of oil equivalent, pump 12.37 million tonnes of oil, and produce 1.58 million tonnes of nitrogenous fertiliser, 21.6 billion kWh of electricity and 10.35 million tonnes of gasoline.-VNA