Vietnamese state oil firm PVN urged to accelerate refinery projects

Friday, 2018-01-12 09:58:18
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Deputy PM Trinh Dinh Dung speaking at the PVN conference on January 12
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NDO - The state-owned oil and gas group PVN has been asked to expedite a number of major refinery and power projects which are currently lagging far behind schedule.

They include the Dung Quat Refinery extension, Nghi Son Refinery, the Southern Refinery Complex, the Block B - O Mon Gas Pipeline, and the Vung Ang 1, Thai Binh 2, Long Phu 1 and Song Hau thermal power plants.

The request was made by Deputy Prime Minister Trinh Dinh Dung while attending a conference to review the firm’s performance in 2017 on January 12.

He also asked the group to thoroughly deal with all weaknesses in the five struggling projects under its administration, including the Dinh Vu polyester plant, Dung Quat Shipyard and three bio-fuel plants.

Deputy PM Dung said that the embattled firm, also known as PetroVietnam, needs to undergo a complete overhaul from the parent company to its subsidiaries in order to guarantee its sustainable growth.

2017 was a difficult year for PVN as a string of its former and current senior executives were arrested for economic mismanagement while oil prices fell sharply compared with a few years earlier.

In early January this year, the firm officially had Tran Sy Thanh, a former secretary of Lang Son province, as its new chairman who will face the tough task of reviving the oil giant.

According to PVN’s director general Nguyen Vu Truong Son, in 2018 the firm aims to extract nearly 23 million tonnes of oil equivalent and step up its oil prospecting and exploration activity.