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AsianOil SOUTH ASIA AsianOil
After both projects come online the Paradip down from INR35.96bn ($479.58mn) a year
refinery’s petrochemical intensity index will earlier. The company mainly attributed the
climb from 4.5 to 14.7, the company added. weaker performance to inventory losses dur-
The recent investment approval came as the ing the period.
refiner announced that both its net profit and Vaidya said: “The gross refining margin
revenue in the first quarter of financial year (GRM) during the first quarter of FY 2020-2021
2020-2021 had plummeted from a year earlier. was $1.98 per barrel as compared to $4.69 per
The company said its revenue had fallen to barrel in [the] corresponding period of previous
INR889.37bn ($11.86bn) from INR1.50 tril- financial year. The core GRM for [the] current
lion ($20bn) in April-June 2019-2020, while period after offsetting inventory loss/gain comes
profit amounted to INR19.11bn ($254.88mn), to $4.27 per barrel.”
SOUTHEAST ASIA
PetroVietnam units team up on LNG projects
PROJECTS & STATE-OWNED PetroVietnam Gas (PV Gas), The gas utility has also signed a co-oper-
COMPANIES has teamed up with a number of other PetroVi- ation agreement with PetroVietnam Chem-
etnam subsidiaries to develop projects that will ical and Services (PV Chem) that will see
take advantage of its first liquefied natural gas the former supply cold energy from the
(LNG) terminal. Thi Vai project to PV Chem’s industrial gas
PV Gas began work on the Thi Vai LNG, plants. The two are also to be understood
which is also Vietnam’s first LNG import pro- to be looking at other ways that LNG cold
ject, in October 2019. In preparation for the energy can be used to improve the project’s
facility’s start-up, slated for 2022, PV Gas has economic benefits.
signed a business co-operation contract (BCC) PV Gas’ import terminal project will have
with PetroVietnam Power (PV Power) and Pet- an initial capacity of 1mn tonnes per year,
roVietnam Technical Service (PTSC) to develop with an estimated price tag of $285mn. A
LNG-to-power projects. second phase of development is expected to
Under the BCC, which was signed on August expand the terminal’s capacity to 3mn tpy
3, the three companies will invest in new gas sup- by 2023.
ply infrastructure to feed the Nhon Trach 1 and Local news outlet VNA quoted PetroViet-
Nhon Trach 1A thermal power plants (TPPs). A nam general director Le Manh Hung as saying
second phase of investment, targeting the Nhon the agreement would allow the group’s subsid-
Trach 5 power project, is also being considered. iaries to consolidate their resources and is part
PV Gas is expected to cover 51% of project of the group’s response to the “twin crises” of the
funding, while PTSC and PV Power will cover coronavirus (COVID-19) pandemic and the oil
34% and 15% respectively. price collapse.
Week 31 06•August•2020 www. NEWSBASE .com P7
