PetroVietnam tightens relationship with partners and contractors

January 23, 2019 | 08:58
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Vietnam Oil and Gas Group (PetroVietnam) has expressed its willingness to tighten relationship and business co-operation with domestic and international partners and contractors.

At a recent meeting with different partners doing business in oil and gas-related services, Tran Sy Thanh, chairman of PetroVietnam, expressed his high appreciation of the important contributions of partners and contractor to the development of the Vietnamese oil and gas industry and the Vietnamese economy.

petrovietnam tightens relationship with partners and contractors
Tran Sy Thanh, chairman of PetroVietnam, addressing partners

“Being the national oil and gas company and a party signing and managing contracts with partners who are investing in oil and gas projects in Vietnam, PetroVietnam highly appreciates the co-operation and the efforts of international oil and gas companies to perform their contractual commitments and their strict compliance with Vietnamese laws while performing oil and gas activities, as well as their active participation in social and charity activities in Vietnam,” Thanh stressed.

Thanh affirmed that PetroVietnam is committed to accompanying all contractors and partners to overcome difficulties, challenges and fulfil the set tasks.

At the same time, the corporation expects to continue cooperation with all partners to fulfil its targets and budgetary goals approved for 2019, especially on work at the project sites, prioritising research and the application of modern technical solutions to increase reserves, maintain the pace and output of oil and gas exploitation, while continuing to provide management and administrative solutions in time to cope with changes in oil prices and the fluctuations of the economy. PetroVietnam also lauded the close co-ordination with foreign partners to resolve appropriate legal proposals and harmoniously handle all obstacles arising in the cooperation.

On behalf of the State Capital Management Committee (SCMC), vice chairman Nguyen Thi Phu Ha lauded the significance of the annual meeting between PetroVietnam and foreign contractors and partners to summarise and share experiences in the co-operation process. At the same time, Ha expects that by 2019 domestic and foreign contractors and partners, ministries, and agencies will continue to support PetroVietnam to achieve its objectives.

petrovietnam tightens relationship with partners and contractors
Nguyen Thi Phu Ha, vice chairman of SCMC summarised the experiences between Vietnam and its partners

CEO of PetroVietnam Nguyen Vu Truong Son filled in the contractors and partners about PetroVietnam's business results in 2018. In particular, PetroVietnam has successfully fulfilled its targets, most ahead of schedule. PetroVietnam collected a revenue of VND 626.8 trillion ($27.3 billion) and contributed VND121.3 trillion ($5.2 billion) to the state budget.

Besides, following the success of the initial public offering (IPO), the shares of the three big companies of PetroVietnam (BSR, PVOil, and PVPower) doubled their value against the end of 2017.

“In 2018, PetroVietnam continue to receive investment from many foreign partners, affirming that investment in oil and gas enterprises is always an attractive and prestigious investment channel and is highly appreciated by investors,” said Son.

Son also acknowledged and praised the results that PetroVietnam and its contractors, partners, and subsidiaries achieved in 2018, and called on all contractors, partners, and the group’s units to closely work together to overcome all difficulties and challenges, and successfully achieve the 2019 business plan.

petrovietnam tightens relationship with partners and contractors
CEO of PetroVietnam Nguyen Vu Truong Son had talks with foreign partners

Foreign contractors and partners also expressed great interest in Vietnam's preferential policies to encourage foreign companies to invest in exploration, deep-water oil and gas deposits, as well as the promotion of investment in oil and gas activities.

PetroVietnam general director Nguyen Vu Truong Son said that deep-water oil and gas has great potential in Vietnam. Therefore, the exploration and exploitation of deep-water oil and gas is PetroVietnam's strategy in the next 20 years.

“PetroVietnam are actively coordinating with the Ministry of Industry and Trade and involved ministries and branches to resolve the issues related to administrative reform and policies related to oil and gas activities,” Son said.

Looking forward, he added, new product sharing contracts will be launched, in addition to the revision of the Petroleum Law, as well as the quick removal of legal roadblocks to oil and gas activities.

“All of these efforts are aimed to create more favourable conditions for the operation of PetroVietnam and its investors, and more incentives are necessary to attract foreign investors to the oil and gas sector,” Son added.

In addition, contractors and partners also paid a lot of attention to the restructuring, equitization, and divestment of PetroVietnam’s member units and the role of the State Capital Management Committee in PetroVietnam's operations.

petrovietnam tightens relationship with partners and contractors
Contractors and partners shared with PetroVietnam their experience in operations as well as solutions to reduce costs and improve operational efficiency

At the same time, the partners and contractors have expressed gratitude for the positive support from PetroVietnam in technical issues as well as related legal procedures during their operations.

On this occasion, PetroVietnam also awarded certificates of merit to many oil contractors, executives, and partners who have produced outstanding achievements in operating and managing oil and gas activities in 2018.

By Bich Ngoc

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