Illustrative image (Source: VNA) The group's General Director Le Manh Hung notedthat it forms the backbone in energy security, food security, economicsecurity and national defence and security.
Ensuring energy security has been identified as a top goal of the national energy development strategy, as well as thefoundation and premise for socio-economic development.
The group has stepped up the exploration andexploitation activities to increase petroleum reserves to ensure its stable supply forindustrial production.
Speaking at the inauguration of Song Hau 1 ThermalPower Plant Project in Mai Dam town, Chau Thanh district, the Mekong Delta provinceof Hau Giang, on July 16, Prime Minister Pham Minh Chinh affirmed Petrovietnam’simportant role in ensuring national energy security through thermal powerprojects.
The consolidated capacity of its power plantsreaches 5,405 MW, making up some 10% of the national electricity output. The DungQuat Oil Refinery operated by Binh Son Refining and Petrochemical JSC (BSR), awholly-owned subsidiary of Petrovietnam, has met 30% of the national demand.
The group’s total oil output, both at home andabroad, has hit 441.5 million tonnes so far, and its gas output at174.7 billion cubic metres.
Its crude oil exploitation reached 900,000 tonnes inJuly, exceeding the plan by 19%. This brings the total figure in the first sevenmonths to 6.38 million tonnes, surpassing the plan by 22% and equal to 73% ofthe yearly target.
Petroleum processing has also provided essential productsof high values for the national economy like chemicals, plastics andfertiliers.
It is running the two biggest fertilier factories –Phu My Fertilizer Plant in the southern province of Ba Ria-Vung Tau and Ca Mau FertilizerPlant in the Mekong Delta province of Ca Mau, with a combined capacity of about1.6 million tonnes, meeting more than 70% of the national need.
Over the past years, Petrovietnam has fulfilled itsrole as the country’s economic locomotive and a tool for the Government toregulate the macro economy. Its major products like petroleum, fertiliers,electricity and liquefied petroleum gas (LPG) have contributed to stabilisingthe market, ensuring energy security, food security and economic security.
The group contributed 83 trillion VND (3.52 billionUSD) to the State budget in 2020, surpassing the set target by 1%. The valuewas 112.5 trillion VND last year, exceeding the target by 80% and up 36%year-on-year.
In the first seven months of this year, its budgetcontribution reached 79.6 trillion VND, a year-on-year rise of 47%.
Apart from economic contributions, Petrovietnam hasalso played a role in safeguarding national sovereignty through its offshore oilrigs.
It has closely coordinated with the Ministry ofNational Defence, the Ministry of Public Security and relevant agencies toassess investment projects and joint ventures.
At a recent working session with Petrovietnamrepresentatives held in the central province of Quang Ngai, National AssemblyChairman Vuong Dinh Hue affirmed that Petrovietnam is one of the State-ownedenterprises playing the most important role in the national economy.
Petrovietnam needs to work hard to accomplishtargets set in the Vietnam Oil and Gas Industry Development Strategy until 2025with a vision towards 2035, and concertedly implement the project onPetrovietnam restructuring, he said.
The top legislator noted that the NA StandingCommittee has instructed relevant agencies to collect feedback on the draftPetroleum Law, which is expected to be approved by the legislature during itsfourth session in October to create a legal framework for the development ofthe oil and gas industry in the new situation./.
Apart from economic contributions, Petrovietnam hasalso played a role in safeguarding national sovereignty through its offshore oilrigs.
It has closely coordinated with the Ministry ofNational Defence, the Ministry of Public Security and relevant agencies toassess investment projects and joint ventures.
At a recent working session with Petrovietnamrepresentatives held in the central province of Quang Ngai, National AssemblyChairman Vuong Dinh Hue affirmed that Petrovietnam is one of the State-ownedenterprises playing the most important role in the national economy.
Petrovietnam needs to work hard to accomplishtargets set in the Vietnam Oil and Gas Industry Development Strategy until 2025with a vision towards 2035, and concertedly implement the project onPetrovietnam restructuring, he said.
The top legislator noted that the NA StandingCommittee has instructed relevant agencies to collect feedback on the draftPetroleum Law, which is expected to be approved by the legislature during itsfourth session in October to create a legal framework for the development ofthe oil and gas industry in the new situation./.
VNA
