PVEP signs crude oil, gas supply deals
The Vietnam Oil and Gas Group( Petrovietnam) Exploration Production Corporation (PVEP) on July 14 signed contracts to supply crude oil to the Dung Quat Oil Refinery, and supply and consume gas from Ky Lan field.
Specifically, the memorandum of understanding for the agreement on supply and consumption of gas from Ky Lan field’s Blocks 103 & 107 is inked between the PVEP and the Petrovietnam Gas Joint Stock Corporation (PV GAS).
Meanwhile, the principle contract for crude oil supply from Dai Hung field’s Block 05-1a to the Dung Quat Oil Refinery is reached between the 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 promptly respond 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 stabilisation and ensuring national energy security.
