Contract Signing Ceremony for Business Cooperation in Gas–Power–Supply Base

On the 3rd of August, 2020, at Vietnam Oil and Gas Group (PVN) headquarters, PetroVietnam Technical Services Corporation (PTSC), together with PV Gas and PV Power, signed a business cooperation contract (BCC) for a series of gas–power–supply base projects.

Participants from PVN consist of Mr. Tran Sy Thanh – Member of Central Committee of the CPV, Chairman of the Board of Directors; Mr. Le Manh Hung – Member of the Board of Directors, President & CEO and others from the Party’s Standing Committee, Members of the Board of Directors, Board of Management, Board of Supervisors and delegates from PVN functional divisions.

Mr. Le Manh Hung – President & CEO of PVN delivering speech at the ceremony

There exists an  urgent need for business collaboration among PVN’s subsidiaries in accordance with the Law on Enterprises and the spirit of the Politburo’s decision No. 55/NQ-TW dated February 11th, 2020 on energy development strategy in Vietnam. The collaboration is also the objective as well as the need for increased cooperation, sharing of resources, information and experience which lead to mutual development among the subsidiaries in view of promoting inner strength, creating new added value chain and competitive advantage of PVN’s subsidiaries in line with PVN‘s top-level management direction and global trends.

On the 12th of March, 2020, the President & CEO of PVN signed the Decision No. 1185/QĐ-DKVN establishing a Steering Committee and a Working Group to study and work-out a cooperation scheme in gas–power–supply base chain to join the market for development of gas-fired power centres.

Reporting on the preparation progress for the BCC contract signing among PV Gas, PTSC and PV Power, Mr. Le Manh Cuong – PTSC’s President & CEO shared that, in order to implement PVN’s strategy, guidance and direction, the three companies have investigated the investment scheme with a straightforward objective: highly competitive gas and power production for the market.

Mr. Le Manh Cuong – President & CEO of PTSC speaking at the ceremony

Recently, PTSC, PV Gas and PV Power have had several discussions at the top management and working levels on the approach for realisation of their business cooperation scheme. Under close direction from PVN, the three companies were highly determined and swift to conclude the BCC negotiation in a very short time.

Delivering directional speech at the ceremony, Mr. Le Manh Hung appreciated the effort made by three companies to promptly carry out the BCC preparation, negotiation and conclusion stages. This means the new start of increased business performance among PVN’s subsidiaries, conforming to rules and regulations, optimising strength and capacity along a horizontal chain of collaboration. Mr. Le Manh Hung also underlined the unprecedentedness and thus challenges and dificulties of the BCC scheme which calls for more efforts on a detailed implementation plan, project portfolio, mobilisation of capital and human resources for the collaboration.

PVN’s and Subsidiaries’ Management witnessing the contract signing ceremony among PV Gas–PTSC–PV Power

On behalf of PVN’s Management, Mr. Le Manh Hung expects the BCC to be completed on time and soon achieve fruitful results.

The BCC signing ceremony among PV Gas, PTSC and PV Power marks a new milestone in implementing PVN’s recent Solutions Package in response to the “double crisis” of Covid-19 pandemic and plummeting of crude oil prices. The event was also meaningfully organised in a series of event celebrating PVN’s Party Congress for the third (2020-2025) term.