Business

PetroVietnam subsidiaries ink deal on projects

Three subsidiaries of the State-owned Vietnam Oil and Gas Group (PetroVietnam) signed a business cooperation contract (BCC) on August 3 to carry out a chain of gas, power, and service port projects.
PetroVietnam subsidiaries ink deal on projects ảnh 1Representatives of PV Gas, PV Power and PTSC (front) at the contract signing ceremony on August 3 (Photo: VNA)

Hanoi (VNA) - Threesubsidiaries of the State-owned Vietnam Oil and Gas Group (PetroVietnam) signeda business cooperation contract (BCC) on August 3 to carry out a chain of gas,power, and service port projects.

The three are the PetroVietnam Gas Joint StockCorporation (PV Gas), the PetroVietnam Power Joint Stock Corporation (PVPower), and the PetroVietnam Technical Service Joint Stock Corporation (PTSC).

PTSC General Director Le Manh Cuong said thecontract is to implement a chain of gas, power, and service port projects onthe basis of business performance-based risk and profit sharing along with theoptimisation of financial resources, personnel, and technical infrastructure.

In the first phase, the three companies willinvest in new infrastructure to supply re-gasified liquefied natural gas (LNG) tothe Nhon Trach 1 and Nhon Trach 1A power plants.

They will continue to consider investment in theNhon Trach 5 power project in the second phase, with an expected capitalcontribution of 51 percent by PV Gas, 34 percent by PTSC, and 15 percent by PVPower.

General Director of PetroVietnam Le Manh Hungsaid the BCC will help consolidate the group’s business model and fullycapitalise on every resource of its subsidiaries, thereby improving itscompetitiveness and prestige.

Following that, PV Gas and the PetroVietnamChemical and Services Joint Stock Corporation (PV Chem) also inked acooperation contract.

Under this deal, PV Gas will support PV Chem’sprovision of products and technical and industrial services of the latter’sstrength for the former’s production and business activities and projects.

PV Gas agreed in principle to supply cold energyfrom its LNG warehouse projects to industrial gas plants of PV Chem and itspartners. The two will also look into plans to use cold energy from PV Gas’sLNG warehouses to enhance the economic benefits of LNG projects andenvironmental protection efforts.

The signing of the contracts is a step towardsimplementing PetroVietnam’s package of measures in response to the recent “twincrises” of COVID-19 and tumbling oil prices./.
VNA
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