They include the Dung Quat Refinery extension, Nghi Son Refinery, the Southern Refinery Complex, the Block B – O Mon Gas Pipeline, and the Vung Ang 1, Thai Binh 2, Long Phu 1 and Song Hau thermal power plants. The request was made by Deputy Prime Minister Trinh Dinh Dung while attending a conference to review the firm’s performance in 2017 on January 12. He also asked the group to thoroughly deal with all weaknesses in the five struggling projects under its administration, including the Dinh Vu polyester plant, Dung Quat Shipyard and three bio-fuel plants. Deputy PM Dung said that the embattled firm, also known as PetroVietnam, needs to undergo a complete overhaul from the parent company to its subsidiaries in order to guarantee its sustainable growth. 2017 was a difficult year for PVN as a string of its former and current senior executives were arrested for economic mismanagement while oil prices fell sharply compared with a few years earlier. In early January this year, the firm officially had Tran Sy Thanh, a former secretary of Lang Son province, as its new chairman who will face the tough task of reviving the oil giant. According to PVN’s director general Nguyen Vu Truong Son, in 2018 the firm aims to extract nearly 23 million tonnes of oil equivalent and step up its oil prospecting and exploration activity.
Prime Minister Nguyen Xuan Phuc has urged accelerating land clearance for the construction of the Vietnam National University-Hanoi, which is at the core of a planned university town in Hoa Lac area, Hanoi’s suburban Thach That district. At a working session with Hanoi officials and the management of the university on September 12, the PM reiterated the Government’s resolve to build the town.Under the approved project, the Vietnam National University-Hanoi campus in Hoa Lac, 30km to the west of Hanoi, will cover 1,000 ha, housing 8 member schools, five research institutes, 10 research training centres and other facilities. It will…... [read more]
At a working session with Hà Nội officials and the management board of the university yesterday, the PM reiterated the Government’s resolve to build the town. Under the approved project, the Vietnam National University-Hanoi campus in Hòa Lạc, 30km to the west of Hà Nội, will cover 1,000 ha, housing eight member schools, five research institutes, 10 research training centres and other facilities. It will provide work and accommodation space for around 63,500 students and 6,550 staff members. The project was started in 2003 but has been stalled due to problems in land clearance and capital arrangement. The PM stressed that the Government…... [read more]
Vietnamese state-owned firms and other institutions that use capital from the state budget must carry out regular financial disclosure, stipulated a regulation signed by the Vietnamese prime minister recently. Disclosures of company financial situations need to be made at annual meetings, according to the regulation. Companies must display the financial information for 90 days at its headquarters and send it in writing to organizations and individuals with related rights and interests, and publish it in the media, according to the regulation. Those who receive the information have the right to question such companies and institutions about it, the regulation said.…... [read more]
Vietnam is believed to be a good place for setting up oil refineries, as the country still has to import petroleum products to meet the increasingly high demand. However, investors have been advised to think carefully before making investment decisions in Vietnam. The Khang Thong Group has reportedly signed with STFE group and Thai PTTES--a contract on technical designing for an oil refinery with the expected capacity of 12 million tons per annum, expected to be located in Nhon Hoi Economic Zone in Binh Dinh province. As such, the list of the oil refinery projects has been extended. Partners for…... [read more]
Cheap oil hits refinery projectsQuoc Hung By Quoc Hung - The Saigon Times Daily HCMC – Low oil prices have reduced the incentive for investors to move on with their multi-billion-dollar oil refinery projects in Vietnam, experts said. With an estimated cost of US$22 billion, the Victory refinery project in Binh Dinh Province’s Nhon Hoi Economic Zone is expected to give a boost to economic growth in the central province. But investors involved in the project have yet to apply for an investment certificate though local authorities expected the project to be licensed in the first half of last year.…... [read more]
