Petrovietnam

Hanoi (VNA) - Prime Minister Nguyen Xuan Phuc on January 11 said the Vietnam Oil and Gas Group (PetroVietnam) needs to remain a role model in expanding markets, optimising opportunities, connecting investment, and reviving growth, among other matters. Addressing a meeting held by PetroVietnam in Hanoi, PM Phuc tasked the group with building a pure and strong Party organisation and developing its staff. PetroVietnam has the conditions necessary to create strong brands, he stressed, asking it to handle five of 12 sluggish projects and eliminate those performing poorly. A review of the operational model of certain member companies is urgently needed so as to avoid overlaps within the group, he said. The government leader also suggested stepping up scientific and technological research and application, utilising new-generation free trade agreements, and boosting cooperation with Russia and other partners. At the meeting, PM Phuc applauded PetroVietnam’s special contributions … [Read more...] about PetroVietnam must continue as role model: PM

Hanoi (VNS/VNA) - Fertiliser businesses have been predicted to flourish this year thanks to many positive supporting factors. According to FPT Securities Co (FPTS), more frequent rainfall may happen in central and southern Vietnam as a result of the La Nina weather phenomenon, and even during the dry season in the Central Highlands, leading to an increase in the area for agricultural cultivation and therefore demand for fertiliser. The La Nina phenomenon can trigger storms and tropical depressions in the East Sea more frequently. These are also likely to affect the Vietnamese mainland more than usual, mostly towards the end of the year, the company said. The second favourable factor is the current high price of agricultural products, which facilitates cultivation and the need for fertiliser. By 2020, the price of agricultural products in the world increased sharply as demand for food hoarding soared due to the COVID-19 pandemic. As of November 2020, world rice prices had jumped by … [Read more...] about Fertiliser companies smell success ahead in 2021

PVPower (POW) plans to divest all capital from Nam Chien Hydropower, Song Hong Energy, Petroleum Urban Development; Song Tranh 3 Hydropower, EVN International, Petroleum Mechanical and Electrical, Vietnam - Laos Electricity, and Petroleum Equipment - Machinery. … [Read more...] about PVPower to divest entirely from eight affiliates

Hanoi (VNA) – The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has agreed to provide 1.5 trillion VND (65.1 million USD) in credit for the PetroVietnam Gas Corporation (PV Gas) to finance the second phase of the adjusted Nam Con Son 2 Gas Pipeline Project. The credit agreement marks a new milestone in the comprehensive strategic partnership established in 2018 between the two State-owned enterprises. Part of the Master Plan for Vietnam’s Gas Industry Development to 2025 and a vision until 2035, the project is significant for the synchronous development of infrastructure in the country’s gas industry and will help enhance the capacity and flexibility of local gas projects. The first phase, laying 151 km of undersea pipeline off the coast of southern Ba Ria-Vung Tau province, was completed in 2015. The second phase will build main pipelines for transporting gas from the Cuu Long and Nam Con Son fields to the mainland. PV Gas General … [Read more...] about Vietcombank provides 65 mln USD in credit to PV Gas pipeline project

According to a recent report by SSI Research, domestic cement demand is expected to increase around 5-7 per cent this year compared to 2020. The increase in domestic sales will be fuelled by the increase in infrastructure investment, foreign direct investment inflow into the country and the recovery of the real estate market, which will push up demand for cement, SSI Research said. … [Read more...] about VIETNAM BUSINESS NEWS JANUARY 11