Page 9 - AsianOil Week 02

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PetroVietnam receives 2020 objectives from state
PROJECTS & COMPANIES
THE Vietnamese government has raised the bar for state-owned PetroVietnam after the major surpassed its 2019 oil and gas produc- tion targets.
Vietnamese Deputy Prime Minister Trinh Dinh Dung has directed state-owned PetroVietnam to boost foreign and domestic oil and gas produc- tion this year. The official was chairing a review of the company’s progress in 2019 and assigned the company four core tasks for 2020, VNA reported on January 10.
Aside from expanding the company’s produc- tion levels, Dung told PetroVietnam to focus on upstream operational efficiencies, gas industry development and securing domestic energy and power supplies. VNA did not provide details about the new 2020 targets.
PetroVietnam produced 11mn tonnes (220,000 barrels per day) of oil from domestic projects and 2mn tonnes (40,000 bpd) from overseas assets, exceeding its annual targets by 6% and 5.3% respectively. The company pro- duced 10bn cubic metres of natural gas, 5.2% higher than its target.
Revenue climbed 17% year on year to VND736.2tn ($31.77bn), 20% higher than the company’s goal. PetroVietnam contrib- uted VND108tn ($4.66bn) to the state budget, 23.5% above target. The company’s pre-tax profit of VND43.8tn ($1.89bn) was 40% higher than its target.
PetroVietnam aims to produce 20.36mn tonnes (149.24mn barrels) of oil equivalent,
21.6bn kWh of electricity, 1.56mn tonnes of fertilisers and more than 11.8mn tonnes of oil products in 2020. The company’s revenue target has been set at more than VND640tn ($27.63bn) and it aims to contribute more than VND82tn ($3.54bn) to the state budget.
PetroVietnam and its subsidiaries are antici- pated to invest VND620tn ($26.77bn) in 2018- 2020, VNA quoted PetroVietnam Securities Inc. (PSI) as saying on December 11. PSI deputy director-general Bui Huy Long said 30% of this would come from traditional credit lines and bond issuances.
Key projects such as the Thai Binh 2 and Long Phu 1 thermal power plants (TPPs) as well as the Block B-O Mon, Blue Whale and Sao Vang-Dai Nguyet gas projects will require $4bn, Long said.™
EAST ASIA
MOL, COSCO name newest LNG carrier
PIPELINES & TRANSPORT
JAPAN’S Mitsui OSK Lines (MOL) and China COSCO Shipping have named the second of four LNG carriers the companies have commis- sioned to transport fuel produced by Russia’s Yamal LNG project. The naming ceremony for LNG MERAK was held at Hudong-Zhonghua Shipbuilding’s yard in Guangdong Province on January 9.
MOL and COSCO signed an agreement in June 2017 for the four vessels, which MOL will operate but will be 50:50 owned by the partners. Hudong-Zhonghua delivered the first vessel, LNG DUBHE, in October 2019. MOL said LNG MERAK would be its 12th operated LNG carrier built in China. All four vessels will have
174,000 cubic metres of transportation carrying capacity and will be responsible for delivering fuel shipped to European destinations by Yamal LNG’s fleet of Arc7 icebreakers to buyers in Asia.
The Novatek-led Yamal LNG project has a current faceplate production capacity of 16.5mn tonnes per year, spread across three 5.5mn tpy trains. Work is ongoing at a fourth train, which will have a capacity of 900,000 tpy.
Russia’s privately owned Novatek operates the project with a 50.1% stake, while French major Total owns 20%, state-owned China National Petroleum Corp. (CNPC) owns 20% and China’s state-backed Silk Road Fund holds the remaining 9.9%.
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