On August 29, Vietnam Oil and Gas Group Petrovietnam celebrated the 40th anniversary since its founding.
According to Petrovietnam (PVN) public affairs office, Mr. Uong Chu Luu, Deputy Chairman of the National Assembly; Pham Bing Minh, Deputy Prime Minister and Minister of Foreign Affairs; Mr. Vu Huy Hoang, Minister of Industry and Trade; other ministers, heads of Vietnamese provinces and cities; and ambassadors of the countries actively involved in the Vietnam oil-and-gas business attended the ceremony.
PVN was represented by Mr. Nguyen Quoc Khanh, acting Chairman of the Board, members of the Board of Directors, Management Board, Directors of PNV member companies and over 1000 oil-and-gas industry professionals.
Mr. Nguyen Quoc Khanh made a speech where he reviewed PVN achievements over the past 40 years. He noted in particular that the first commercial gas stream was produced in June 1981 only five years after the company establishment. This provided fuel for developing consumer goods industry in Tien Hai district of Thai Binh province. And in June 1986, ten years following the company inception, the first oil was produced from Bach Ho field which made Vietnam one of the global hydrocarbon producers and exporters.
Within relatively short time Petrovietnam managed to create fully-fledged infrastructure for energy sector, starting from field development and production up to hydrocarbon processing and electric power generation.
Today Petrovietnam is operating 25 oil and gas fields in Vietnam and 10 fields in other countries. Total production amounted to 445 million tonnes of oil equivalent (including 346 million tonnes of crude oil and 108 billion cubic meters of gas). Currently PVN is executing 66 oil and gas contracts; overall foreign capital investments reached $15 billion.
Modern gas infrastructure facilities have been built recently, including gas pipelines Cuu Long – Zin Co, Nam Kon Son 1 – Nam Kon Son 2 (Phase I) and PM3 Ca Mau gas field pipelines that can annually handle 10 billion cubic meters of gas.
Gas-fired combined cycle power plants Ca Mau 1 and Ca Mau 2, Nhon Trach 1 and Nhon Trach 2, coal-fired combined power plants Vung Ang 1, hydro power plants Huana and Dakdrinh were commissioned and put into operation with total installed capacity of 4200 MW. As of today they have produced and supplied over 100 bn kWh of electricity into the national power grid.
Dung Quat refinery, commissioned in 2009, became a symbol of the petrochemical industry. It has yielded about 30 million tonnes of oil products which satisfied about one third of the overall domestic demand.
Since its establishment Petrovietnam has earned $290 billion in revenues with the annual growth rate of 20%.
On September 2, the Socialist Republic of Vietnam marks 70 years of declaring independence.