Deputy Prime Minister Truong Hoa Binh has urged the Vietnam Oil and Gas Group (PetroVietnam) to enhance its capacity in petroleum exploration and exploitation to develop the marine economy in the new context.

Deputy Prime Minister Truong Hoa Binh delivers speech at a meeting
with leaders of the State-owned corporation on September 10.

At a meeting with leaders of the State-owned corporation on September 10, he called for it to accelerate the exploration of oil and gas to boost reserves while combining the exploration of oil and gas with surveys to assess deep-sea resources and minerals, especially those with large reserves of high value.

The Deputy PM asked it to take into account environmental factors and biodiversity protection when exploiting and processing oil and gas.

Binh also requested that the group improve its corporate management, foster restructuring, and continue with equitisation and the divestment of State ownership in member companies, in accordance with plans approved by the Prime Minister. He also tasked the firm with seeking ways to meet domestic demand and ensure energy security and production effectiveness.

PetroVietnam needs to maintain stable production, speed up the progress of key projects, and identify ways to resolve issues at long-delayed and loss-making projects, for example the Dinh Vu polyester fibre plant, operated by its subsidy the PetroVietnam Petrochemicals and Textile Fiber JSC (PVTEX), and the Phu Tho ethanol project.

It also must develop plans to attract investment from investors and other private sources into its projects, he said, in particular a project on the development of infrastructure for the importation and sale of liquefied natural gas (LNG), and must cooperate with the power industry to create a supply chain and enhance investment competitiveness and effectiveness.

PetroVietnam posted total revenue of over VND372 trillion (about US$16 billion) in the first eight months of this year, despite COVID-19 impacts and dropping oil prices. It contributed VND45 trillion to the State budget in the period.