Latest News about PetroVietnam
Block 114 is located in Song Hong Basin, offshore Vietnam’s northern continental shelf, about 65km from Quang Tri province, and 86km from Da Nang city in the central region.
The Q1 finance reports released by enterprises in nearly all business fields, from manufacturing and real estate to aviation and oil and gas, show big losses. Large enterprises have reported huge losses of trillions of dong.
Though domestic petroleum depots are full, the Vietnam Energy Association (VEA)
wants to buy oil to store.
Some experts have suggested issuing oil bonds to store oil and petroleum products as oil prices now are low.
Oil may reach its lowest price in history this week but its impacts on the world economy and Viet Nam have been limited at this time when the COVID-19 pandemic is keeping people at home and transportation has been cut off.
Petroleum prices in Vietnam were cut from Monday to the lowest level over the past 11 years.
The revenues of PetroVietnam and Petrolimex slumped by $6.13 billion and $521.74 million this year due to the dropping oil price and the COVID-19 health crisis.
PVN’s proposal was raised as sales of petrol and oil products in the domestic market slumped an estimated 30 per cent in the first quarter of this year. PVN also forecast bigger reductions in the coming months.
Vietnam’s crude oil and natural gas production face downside risks, in light of a double-whammy of global oil price collapse and sluggish demand due...
Though the steep dive in global crude oil price will benefit domestic logistics and production, it will not be good for local petrol firms and the state budget.
As Covid-19 has been escalating and the oil price has fallen, the national oil and gas group PetroVietnam is considering several possible scenarios, including mine closure. It is also considering buying crude oil to store.
With the oil price falling to $30-35 per barrel, the national oil and gas corporation PetroVietnam will lose $3 billion in revenue in 2020.
The Security Investigation Agency has proposed prosecuting Dinh La Thang, former Chairman of PetroVietnam on charges of violating regulations on construction works, causing serious consequences at the Petrochemical and Bio-Fuel JSC.
The Government will establish a market for mechanic firms to develop, including facilitating the sector to seek for domestic and overseas markets for the country’s oil and gas engineering sector’s products.
With the support of the two governments, Vietnam’s oil and gas industry is expected to continue developing strongly.
Experts believe that the opening of the petroleum distribution market at a certain level will help the market operate better.
The Viet Nam Oil and Gas Group (PVN) earned revenue of more than VND736 trillion (US$31.7 billion) in 2019, marking a year-on-year increase of 17 per cent.
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