PVN must handle difficulties and ensure progress and efficiency of the Lot B - O Mon gas-power project chain, as requested by the Prime Minister.
Speaking at the conference to deploy the 2024 tasks of the Vietnam Oil and Gas Group (PVN) on the afternoon of January 8, the Prime Minister requested the group to handle difficulties and ensure the progress and efficiency of key oil and gas projects, including the Lot B - O Mon gas and power project chain.
The Prime Minister requested the Ministry of Industry and Trade to complete the revision of Circulars regulating the operation of the electricity market, and the State Capital Management Committee at Enterprises to direct the resolution of related issues to remove obstacles for this series of projects.
Block B gas field is a key project to supply gas for power production in the southern region with a reserve of about 107 billion m3 of gas in 20 years. The oil and gas product sharing contract at this field was signed in 1996 and 1999. In 2015, PVN acquired Chevron's assets after the group withdrew from the project.
The project is scheduled to have the first gas flow by the end of 2026, supplying the O Mon 1, 2, 3 and 4 power plant complex with about 5 billion m3 per year. However, due to problems in commercial negotiations and investment appraisal processes, the project has been delayed for many years.
In 2023, PVN will sign EPC contracts for the mine development projects in this project chain after many years of interruption. At today's meeting, PVN representatives also proposed solutions to implement the Block B project chain to ensure the goal of having the first gas flow as soon as expected.
In addition to the above project, at the conference, the Prime Minister noted PVN's progress on a number of other key projects such as Nhon Trach 3 and 4 Power Plants (to be completed by the end of 2024 and early 2025), upgrading and expanding Dung Quat Oil Refinery, Ca Mau Gas-Electric-Fertilizer Plant, improving the efficiency of Nghi Son Oil Refinery and Petrochemical Plant, and restarting Long Phu 1 Thermal Power Plant project.
PVN is also assigned to research new projects, coordinate with relevant agencies to explore and exploit oil and gas, ensure national defense and economic security for oil and gas activities, maintain independence, sovereignty and national territorial integrity in the East Sea and islands. The Group needs to maintain a healthy financial structure, balance financial resources for production, business and investment development, as required by the Prime Minister.
According to PVN's report, in 2023, the group has completed its production and business targets, effectively operated oil and gas mines, and completed targets on oil and gas, electricity, gasoline, and fertilizer production. Of which, Dung Quat Oil Refinery achieved a record of over 7 million tons of products compared to its designed capacity of 6.5 million tons per year.
Last year, PVN achieved revenue of VND942,800 billion, an increase of VND11,600 billion compared to 2022, with consolidated profit of over VND54,500 billion. The Group paid VND135,500 billion to the State budget, exceeding the plan by 73%. The average income of employees is nearly VND27 million per month. During the year, PVN put into operation Thai Binh 2 Power Plant and Thi Vai LNG Port Warehouse with a capacity of 1 million tons per year.
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