PetroVietnam Group

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PetroVietnam is the trading name of Vietnam Oil and Gas Group (PVN) (in Vietnamese: Tập đoàn Dầu khí Quốc gia Việt Nam). PetroVietnam was established in 1977, and its activities, through its various companies and wholly owned subsidiaries, cover oil and gas exploration and production to storage, processing, transportation, distribution and services.[1] PetroVietnam is wholly owned by the Vietnamese central government and responsible for all oil and gas resources in the country, becoming the country's largest oil producer and second-largest power producer.[2]

Proposed coal fired power stations

According to the website of PetroVietnam subsidiary Petrovietnam Power Corporation, the following projects have been or are being invested in:[3]

More on proposed plants

  • On April 22, 2011, Reuters reported that a consortium of five foreign banks and Vietnam's state oil and gas group Petrovietnam had signed credit contracts worth $904 million to fund the 1,200-megawatt Vung Ang 1 thermal-power plant. Lenders included HSBC, China Development Bank, Bank of Tokyo-Mitsubishi UFJ, Credit Suisse and Italy's Intesa SanPaolo. The $1.6 billion plant, located in the central province of Ha Tinh, is expected to start operations in July 2012.[4]
  • In June 2011, Hanoi-based PetroVietnam Technical Services Corporation (PTSC), a subsidiary of energy provider PetroVietnam Group, announced plans to build a "high efficiency" 1,200 megawatt (MW) Long Phu 1 Thermal Power Plant in the Long Phu District. The Long Phu 1 Thermal Power Plant will be the first of three facilities located at the planned 4,400MW Long Phu Power Centre. The plant’s two units are planned to use supercritical boiler technology and scrubbers. The plant is slated to be completed by 2014, at a cost between US$1.2 and US$1.4 billion. Global engineering firm Black & Veatch won a contract to design and manage construction of the facility.[5]

Deepwater Horizon

In order to help pay for the costs stemming from the Deepwater Horizon explosion, BP plans to sell its stakes in gas and oil properties in Vietnam. It maintains joint ownership of such projects — Lan Tay-Lan Do gas field and Nam Con Son pipeline — with ONGC, PetroVietnam, and ConocoPhillips. Moreover, its partners will be given priority when purchasing its shares should Hanoi approve the transaction.[6] India has expressed interest in buying BP's assets.[7]

Oil refinery

In 2010, PetroVietnam Group has secured $1 billion loan from government bond proceeds and BNP Paribas for the Dung Quat oil refinery Plant No 1, in Vietnam, which began operating at 100% production capacity in August 2010.[8]

Articles and resources

References

  1. http://www.pvn.vn/?portal=news&page=detail&category_id=7&id=388
  2. Sharma, Rakesh (July 21, 2010). "India Interested In Buying BP Assets In Vietnam - Oil Minister", Wall Street Journal. Retrieved on July 25, 2010. 
  3. "Projects that have been and are being Invested" Petrovietnam Power Corporation.
  4. "Five foreign banks lend Petrovietnam $904 mln" Reuters, April 22, 2011.
  5. Jenny Marusiak , "Vietnam investing heavily in high-tech coal plants" Eco-Business, June 9, 2011.
  6. "Who will buy BP’s property in Vietnam?", Look at Vietnam (July 23, 2010). Retrieved on July 25, 2010. 
  7. Sharma, Rakesh (July 21, 2010). "India Interested In Buying BP Assets In Vietnam - Oil Minister", Wall Street Journal. Retrieved on July 25, 2010. 
  8. PetroVietnam secures $1 billion loan to develop Dung Quat oil refinery. World Construction Network. Retrieved on 29 September 2010.

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