188bet apk Prime Minister witnesses breakthrough milestone of US$12 billion gas to power value chain project

188bet apk Prime Minister highly appreciated 188bet apk efforts and determination of stakeholders in negotiating, developing projects, seeking suitable solutions... - Photo: VGP/Nhat Bac

Also attending 188bet apk event were members of 188bet apk Party Central Committee, leaders of ministries, branches, central and local agencies, 188bet apk Ambassador of Japan, 188bet apk Ambassador of Thailand to Vietnam, leaders of businesses and partner groups of Petrovietnam in 188bet apk chain project including MOECO (Japan) and PTTEP (Thailand).

Accord to Petrovietnam President and CEO Le Manh Hung, 188bet apk Block B gas to power value chain project is a series of domestic gas and power projects including Block B field development project (upstream), Block B – O Mon pipeline project (midstream) and four O Mon gas power plants I, II, III, IV downstream, with an investment of nearly 12 billion USD. 

Gas production output is expected to be about 5.06 billion m3 of gas/year, supplying a complex of 4 power plants at O Mon Power Center with a total installed capacity of up to 3,800 MW. 

188bet apk opinions expressed at 188bet apk event were that Block B - O Mon gas to power value chain project with 188bet apk characteristics of requiring synchronous progress has gone through a very long time (nearly 20 years), many difficult negotiations between domestic and foreign partners, 188bet apk investment preparation process with many obstacles in mechanisms, policies, order and procedures; slow implementation for both objective and subjective reasons, but subjectivity is 188bet apk main one. 

Facing 188bet apk above fact, in 188bet apk current term, 188bet apk Prime Minister has inherited 188bet apk results through many Government terms, conducted actual surveys, listened to 188bet apk opinions of all partners, exchanged with 188bet apk Prime Minister of Japan and 188bet apk Prime Minister of Thailand, repeatedly reported, sought instructions from General Secretary Nguyen Phu Trong to solve all difficulties of 188bet apk chain project under his authority, along with 188bet apk participation of 188bet apk Ministry of Industry and Trade, 188bet apk Committee for State Capital Management at enterprises, ministries, agencies and localities, 188bet apk determination of Petrovietnam and its partners, with 188bet apk spirit of “One team – One goal”. 

President and CEO Le Manh Hung said that in June 2023, realizing difficulties at 188bet apk O Mon III and IV gas power projects, 188bet apk Prime Minister decided to let Petrovietnam officially be 188bet apk investor to continue implementing these two projects. It was a very strategic decision. 

At 188bet apk ceremony, Petrovietnam and its partners signed important documents: Heads of Agreement (HOA) for Block B Project; Minutes of agreement on 188bet apk contents of 188bet apk O Mon I Gas Sale Contract; EPCI#1 Package Award. 188bet apk event creates a premise for Petrovietnam and its partners to continue implementing component projects in 188bet apk coming time. 

According to Petrovietnam, with 188bet apk mission of contributing to ensuring “energy for development”, 188bet apk rich experience accumulated when successfully implementing such key gas and power chain project as Ba Ria - Vung Tau - Dong Nai, Ca Mau, Thai Binh… Petrovietnam is confident that with 188bet apk support of 188bet apk Party, State, Government, Prime Minister, ministries, departments and branches; unity and close coordination of partners; 188bet apk solidarity, determination for “One team – One goal”, 188bet apk spirit of not being afraid of difficulties of Petrovietnam, 188bet apk whole Block B gas to power value chain project will be implemented synchronously and completed as soon as possible, meeting 188bet apk energy source for 188bet apk country’s socio-economic development, as well as bringing benefits to 188bet apk parties involved. 

LNG flows from PV Gas Thi Vai LNG terminal will be transported by pipeline and by LNG ISO Container - Photo: VGP/Nhat Bac

Effective production and prevention of waste at 188bet apk value chain project 

As said by Prime Minister Pham Minh Chinh at 188bet apk signing ceremony, this is an important and meaningful event of 188bet apk oil and gas industry, receiving 188bet apk attention of all levels, sectors, localities and people where 188bet apk project passes. 

188bet apk Block B - O Mon gas to power value chain project is a key project of 188bet apk State on oil and gas, 188bet apk largest gas to power value chain project of Vietnam today with an expected gas production output of 5.06 billion m3/year in 188bet apk stable period, supplying four O Mon thermal power plants in Can Tho with a total installed capacity of nearly 4,000 MW,  plays a very important role in 188bet apk strategy of balancing supply and demand, ensuring national energy security, green energy transition and socio-economic development.

188bet apk value chain project, when put into operation, will greatly contribute to 188bet apk State budget, bring profits and investment efficiency to investors, promote socio-economic development in 188bet apk Mekong Delta, especially in Ca Mau, Kien Giang and Can Tho, and create many jobs for 188bet apk labor force in 188bet apk oil and gas industry and in 188bet apk Mekong Delta. 

188bet apk early implementation of 188bet apk value chain project to have such works as “lighthouses” at sea will play an important role in national security and protection of Vietnam’s maritime and island sovereignty. 

188bet apk value chain project, when implemented, will also play an important role and create great resources in 188bet apk roadmap to bring net emissions to zero by 2050 as committed by Vietnam at COP26. 

Petrovietnam and partners sign important documents - Photo: VGP/Nhat Bac

According to 188bet apk Prime Minister, 188bet apk key points to solve difficulties and problems are: Handing over 188bet apk chain project to an investor (Petrovietnam); 188bet apk Ministry of Industry and Trade amends 188bet apk provisions of 3 relevant Circulars No. 25, 45 and 57; 188bet apk Vietnamese side works seriously with partners in 188bet apk spirit of friendship, win-win, harmonious benefits and shared risks, then today’s results achieved is 188bet apk signing ceremony, deploying for effective production and prevention of waste at this value chain project. 

188bet apk Prime Minister acknowledged, praised and highly appreciated 188bet apk efforts of Petrovietnam and investment partners, 188bet apk timely support and settlement of 188bet apk Ministry of Industry and Trade, 188bet apk State Capital Management Committee at enterprises, ministries, branches, localities and Vietnam Electricity in promoting, organizing 188bet apk implementation of 188bet apk value chain project. 

188bet apk Prime Minister highly appreciated 188bet apk efforts and determination of stakeholders in negotiating and developing projects, seeking appropriate solutions on 188bet apk stages of realizing 188bet apk development goals of Vietnam’s oil and gas industry and 188bet apk National Energy Development Strategy to 2025, vision to 2050. 

188bet apk Prime Minister views and listens to 188bet apk report on 188bet apk production diagram of 188bet apk Block B - O Mon gas to power project - Photo: VGP/Nhat Bac

Over 188bet apk years, Vietnam has achieved significant economic achievements, including 188bet apk great contribution of 188bet apk oil and gas industry. 188bet apk Prime Minister assessed that Petrovietnam has been well implementing production and business plans in 2023. 

For gas production and supply particularly, Petrovietnam has provided gas and gas products as a source of clean raw materials to produce 11% of electricity output, about 70% of fertilizer output, meeting nearly 70% of LPG market share nationwide and for many industrial production, transportation and other civil activities. For electricity production in 188bet apk first 9 months of 2023, it has reached 17.63 billion kWh, equal to 73.5% of 188bet apk year plan, meeting EVN’s maneuver. 

Petrovietnam, with 188bet apk spirit of “One team – One goal”, has been contributing to ensuring national energy and food security, environmental protection, creating motivation to promote 188bet apk development of many industries and localities. 188bet apk Group has actively contributed to 188bet apk State budget, social security, brought practical values to 188bet apk social community and 188bet apk people. 

188bet apk Prime Minister pointed out that, concretizing 188bet apk Party’s policy, in 188bet apk national energy development strategy and master plan, 188bet apk Government of Vietnam has paid great attention to 188bet apk sustainable development of Vietnam’s oil and gas industry, especially 188bet apk development of 188bet apk gas industry. In particular, they encouraged investment in oil and gas production on Vietnam’s continental shelf, especially in deep and offshore waters; prioritized bringing natural gas extracted from Vietnam’s continental shelf to electricity, industrial and civil production. 

188bet apk Prime Minister affirmed 188bet apk Government of Vietnam has been creating favorable conditions, supporting and encouraging 188bet apk activities of Petrovietnam, domestic and foreign investors, corporations and companies in 188bet apk service sector on 188bet apk basis of ensuring harmony of legitimate interests of 188bet apk parties. 

188bet apk Party and State expects Petrovietnam, investors in 188bet apk chain and localities to cooperate, support each other, and promote regional connectivity to promote 188bet apk development of 188bet apk Southwest economic region. 

188bet apk value chain project, in order to gain success, still has a long and difficult way ahead, with a huge workload, 188bet apk Prime Minister wishes relevant ministries, branches and competent agencies to always pay attention, create favorable conditions and definitively solve difficulties and obstacles to support 188bet apk value chain project, Petrovietnam, EVN and investors in 188bet apk chain. 

For Japanese and Thai partners, Vietnamese and international oil and gas service providers, 188bet apk Government of Vietnam expects all parties to support and coordinate with Petrovietnam to implement difficult and challenging works in 188bet apk next period. 

188bet apk Prime Minister hopes and believes that with Petrovietnam’s tradition of solidarity, initiative, creativity, determination, not being afraid of difficulties, along with 188bet apk trust and long-term cooperation with partners, 188bet apk value chain project will be implemented according to 188bet apk plan and expected to over-fulfill 188bet apk plan, achieve 188bet apk expected success to promote 188bet apk development of Vietnam’s oil and gas industry, join forces to continue to contribute positively to 188bet apk cause of national industrialization and modernization, comprehensive, fast and sustainable development of 188bet apk Mekong Delta region, contribute to consolidating and strengthening Vietnam’s relations with Japan and Thailand.  

Block B - O Mon gas to power value chain project is a key project of 188bet apk State on oil and gas, 188bet apk largest gas and power chain project in Vietnam today - Photo: VGP/Nhat Bac

188bet apk main development pillar of Petrovietnam

Earlier, on 29th October afternoon, Thi Vai Liquefied Natural Gas (LNG) terminal in Ba Ria – Vung Tau with a capacity of 1 million tons/ year - 188bet apk first and largest LNG terminal of Vietnam invested and built by Petrovietnam Gas Corporation (PV Gas), a member unit of Petrovietnam, was also inaugurated. 188bet apk Prime Minister assessed it as an important milestone and directed 188bet apk study to continue implementing phase 2 of 188bet apk project. 

According to Petrovietnam, 188bet apk gas industry is currently one of 188bet apk main development pillars of 188bet apk Group, in which PV GAS is 188bet apk key enterprise leading 188bet apk gas industry of 188bet apk country, annually supplying about 5.7 million tons of gas as raw materials and input fuels for electricity, fertilizer and   industrial production. 

In addition, 188bet apk gas – power – fertilizer industrial clusters that Petrovietnam developed in 188bet apk Southeast and Southwest regions have contributed to solving 188bet apk electricity supply for 188bet apk national electricity system, self-reliant fertilizer supply for 188bet apk country’s agricultural development.

Facing 188bet apk current situation of energy supply depending on domestic reserves and production capacity as well as meeting 188bet apk trend of energy transition and emission reduction in Vietnam, Petrovietnam has actively researched, developed and diversified new green and clean energy sources for many years, including imported LNG energy sources, realizing LNG targets in 188bet apk country’s energy strategy as well as developing relevant policy mechanisms. 

188bet apk inauguration of this LNG terminal will meet 188bet apk goal of ensuring energy security, shifting and greening national energy resources, officially putting Vietnam’s name on 188bet apk global LNG map. 

This project is also a breakthrough mark for Petrovietnam to successfully diversify new products and energy, expand markets in 188bet apk global energy transition trend, and contribute to ensuring energy security for development. 
According to PV Gas, LNG is a unique product and in order to operate and supply safely and efficiently, PV Gas needs 188bet apk cooperation of experienced foreign partners, especially those from Japan – 188bet apk country that has continuously used LNG for 50 years. 

LNG flows from PV Gas Thi Vai LNG terminal will be transported by pipeline and by LNG ISO container, meeting 188bet apk requirements of multimodal transportation such as combining sea with road, throughout 63 provinces and cities nationwide. It is known that ISO LNG containers are supplied by NRS Corporation Japan, which has extensive operating experience in 188bet apk field of LNG transportation and was established in 1946.