The Vietnam Oil and Gas Group (Petrovietnam) Exploration Production Corporation (PVEP) signed contracts on July 14 to supply crude oil to the Dung Quat Oil Refinery and to supply and consume gas from the Ky Lan field.
Hanoi (VNA) – The Vietnam Oil and Gas Group (Petrovietnam) Exploration Production Corporation (PVEP) signed contracts on July 14 to supply crude oil to the Dung Quat Oil Refinery and to supply and consume gas from the Ky Lan field.
Specifically, the memorandum of understanding for the agreement on the supply and consumption of gas from Ky Lan field’s Blocks 103 & 107 was inked between PVEP and the Petrovietnam Gas Joint Stock Corporation (PV GAS).
Meanwhile, the principal contract for crude oil supply from Dai Hung field’s Block 05-1a to the Dung Quat Oil Refinery was reached between PVEP, the Petrovietnam Oil Joint Stock Corporation (PVOIL), and the Binh Son Refining and Petrochemical Joint Stock Company (BSR).
According to the project on developing a competitive energy market to 2030, with a vision to 2045, the Prime Minister allows contractors and investors of new gas exploitation projects to choose direct negotiations for gas sales to consumers or wholesale sales to Petrovietnam or PV GAS.
This initiative aims to meet energy security requirements and needs, and to respond promptly to unfavorable changes in the global crude oil market. It seeks to balance the interests with other business operations of Petrovietnam and its subsidiaries, including PV GAS’s gas business, while contributing to market stabilization and ensuring national energy security.