PetroVietnam subsidiaries co-operate to increase efficiency to cope with dual crisis

August 05, 2020 | 10:33

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Leading subsidiaries of PetroVietnam on August 3 signed contracts to strengthen cooperation and share human and information resources as well as experiences to bolster the group's inner strength and cope with the dual crises besetting it.

The contracts signed between PetroVietnam subsidiaries aim to create new value and supply chains, increasing competitiveness for each member of the group.

petrovietnam subsidiaries co operate to increase efficiency to cope with dual crisis

PetroVietnam subsidiaries will co-operate to increase efficiency

The first contract was signed among PVGas, PV Power, and PetroVietnam Technical Services JSC (PTSC). The three companies will co-invest in a gas-power-port chain and supply gas resources for Nhon Trach 1 and Nhon Trach 1A power plants.

Meanwhile, PV Gas and PetroVietnam Chemical and Services Corporation (PVChem) will also strengthen cooperation and ensure long-term cooperation based on their individual advantages to increase their competitiveness both in the domestic and international market.

The cooperation among PetroVietnam’s subsidiaries is one of the urgent targets in accordance with the provisions of the Law on Enterprises and the spirit of Politburo's Resolution 55-NQ/TW dated February 11, 2020 on Vietnam’s energy development strategy.

According to PetroVietnam CEO Le Manh Hung, the signing would be a new start for all companies involved, opening the way to increase business and production efficiency and better utilise the advantages and capabilities of each company in PetroVietnam’s chain.

The signing activities are also meant to tackle the double crises caused by COVID-19 and the downturn of oil price which are devastating the global economy.

By Bich Ngoc

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