Latest news with #VietnamNationalIndustry-EnergyGroup
The Star
03-08-2025
- Business
- The Star
Vietnamese PM Chinh urges Petrovietnam to strive for regional top five ranking
HANOI: Prime Minister Pham Minh Chinh has called on the Vietnam National Industry-Energy Group (Petrovietnam) to aim for a place among the top seven, or even top five, leading enterprises in the region in the near future. The Prime Minister made the request on Sunday at the 4th Congress of the Party Committee of Petrovietnam for the 2025–30 term. He acknowledged the ambitious nature of the target but stressed that it must be pursued with determination. 'It's a difficult goal, but no matter how difficult, we must strive to achieve it,' he said. The congress gathered 238 official delegates representing nearly 14,000 Party members of the group. Participants reviewed the outcomes of the 2020–25 term, set new strategic directions, and contributed feedback to key draft documents for the upcoming 14th National Party Congress. According to the congress's report, the 2020–25 term was an exceptionally successful period for Petrovietnam's Party Committee. Total revenue grew by an average of 14.5 per cent annually, 383 per cent higher than the initial target. Pre-tax profit rose by 32.7 per cent per year, exceeding the plan by over 1,500 per cent, while State budget contributions surpassed expectations by 64 per cent. In 2024, Petrovietnam surpassed the VNĐ1 quadrillion (US$40 billion) revenue mark for the first time, affirming its strength, resilience and pivotal role as a financial pillar of the national economy. The group currently supplies over 75 per cent of the country's gasoline demand, more than 73 per cent of domestic fertiliser needs, over 75 per cent of the Liquefied Petroleum Gas market share, and 10 per cent of total national electricity output, underscoring its central role in Vietnam's essential energy supply chain. Social responsibility remains a key focus, with Petrovietnam contributing over VNĐ3.5 trillion to social welfare programmes, building 10,262 houses, planting 1.2 million trees, and donating 25,700 units of blood, demonstrating its commitment as a national enterprise to the community and the country. Looking ahead to the 2025–30 term, the Party Committee has set out a vision to develop a robust group with modern governance, strong competitiveness and leadership in energy transition and sustainable green growth. The congress adopted 13 key tasks and solutions, including 11 specific performance targets. Among them, modern corporate governance is identified as a core solution; science, technology, innovation, and digital transformation as breakthrough drivers; and the integrated development of three strategic pillars of energy, industry and high-quality technical services as the overarching objective. Petrovietnam is expected to build a comprehensive industrial–energy ecosystem that leads the market and plays a central role in Việt Nam's energy transition. PM Chinh praised Petrovietnam's contributions to energy security, food security, economic security, social welfare and the protection of national sovereignty over maritime territories. He commended the group's proactive efforts in reforming and improving policies for the oil and gas sector, modernising its governance model, and advancing science, technology, and innovation. He also noted Petrovietnam's successful transformation from a national oil and gas company to a comprehensive national industrial–energy group. The Prime Minister instructed the group to lead by example in innovation, scientific application, and digital transformation across all three of its pillars, including energy, industry and services. He called for proactive global integration, in line with Politburo Resolution No 59, and contributions to private sector development under Resolution No 68. Petrovietnam must deploy smart, modern, and synchronised governance solutions, optimise production efficiency, adapt flexibly to market fluctuations and seize opportunities from the restructuring of global supply chains to sustain double-digit growth in the years to come, he stressed. - Vietnam News/ANN
Yahoo
09-06-2025
- Business
- Yahoo
EPC contract signed for O Mon 4 thermal power plant in Vietnam
The Vietnam National Industry-Energy Group (Petrovietnam) has signed an engineering procurement and construction (EPC) contract with a consortium of South Korea's Doosan Enerbility Co and Vietnam's Power Engineering Consulting Joint Stock Company 2 for the O Mon 4 thermal power plan in Vietnam. The initiative is a critical phase in the Block B – O Mon gas-to-power project, which aims to bolster Vietnam's energy security and support its clean energy transition. Situated in Can Tho city within the Mekong Delta, the O Mon 4 plant will play a pivotal role in the nation's strategic energy planning. Utilising advanced combined cycle gas turbine (CCGT) technology, the plant will have a designed capacity of 1,155MW. It is scheduled to become operational by December 2028. The completion of O Mon 4 will boost Petrovietnam's total installed capacity to above 93,000MW - around 10% of Vietnam's overall power capacity. The Block B – O Mon project encompasses offshore gas extraction at Block B, a gas pipeline, and a thermal power complex. O Mon 4 is a crucial downstream component of this integrated endeavour, which has experienced almost two decades of delays. In 2023, the Prime Minister entrusted Petrovietnam with the responsibility of overseeing the O Mon 3 and O Mon 4 thermal power plants, ensuring the alignment of downstream infrastructure construction with upstream gas supply. In line with the country's amended national power plan, Vietnam is set to augment its power generation capacity by 2030, with an emphasis on renewable energy and a reintroduction of nuclear power. The plan involves an investment of $136.3bn, more than a quarter of Vietnam's projected 2024 GDP, targeting a reduction in coal dependency, which currently dominates the country's energy mix. "EPC contract signed for O Mon 4 thermal power plant in Vietnam" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
