PetroVietnam: Maritime Tensions Weigh on Operations
Vietnam's state oil firm PetroVietnam said on Friday that tension in the South China Sea will continue to weigh on its offshore operations this year.The company, formally known as Vietnam Oil and Gas Group targets to produce 12.37 million metric tonnes of crude oil this year, down 11.45 percent from last year's output, it said in a statement.Vietnam and China have been embroiled in maritime disputes in parts of the busy waterway, where China claims 90 percent of the potentially energy-rich maritime territory, which Vietnam calls the East Sea."The complicated developments in the East Sea have h
MISC Wins FSO Charter Contract in Vietnam
Malaysian shipping group MISC Berhad (MISC) has received a time charter contract from Idemitsu Kosan (IKC) for the provision of a floating, storage and offloading (FSO) vessel in Vietnam.The energy-related maritime solutions and services provider said in a press release that the contract that it received through its 51%-owned joint-venture with PetroVietnam Technical Services Corporation (PTSC) i.e. Malaysia Vietnam Offshore Terminal (L) Limited (MVOT), represents the expansion of MISC’s footprint as a leading player in providing offshore solutions in the ASEAN region.MISC has close to 10 years of experience in Vietnam’s offshore development in a joint venture partnership with PTSC and currently operates two floating assets…
Gazprom, PetroVietnam Ink Multiple Deals
Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Quoc Khanh, Chairman of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam), signed today in Moscow a number of documents to strengthen cooperation between the companies. The signing ceremony was attended by Dmitry Medvedev, Prime Minister of the Russian Federation, and Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam (SRV). the Addendum to extend the Cooperation Agreement on personnel training. According to the Memorandum of Understanding on the development of new oil and gas projects, the parties plan to examine further opportunities for mutually beneficial cooperation in the field of hydrocarbon prospecting, exploration and development.
Troubled Shipbuilder has Another New Chief
According to a report from VietNamNet Bridge, there has been yet another change at the top at the Vietnam Shipbuilding Industry Corporation, with Truong Van Tuyen taking over as general director from acting chief Nguyen Quoc Anh. Tuyen, is a former general director of the state-owned Vietnam Oil and Gas Group (PetroVietnam) and the current head of the Dung Quat oil refinery. Anh had taken over from Tran Quang Vu August 30 after the latter was suspended and then arrested on charges of mismanaging state assets while serving as the head of a Vinashin subsidiary in the early 2000s. (Source: VietNamNet Bridge)
Sinking Ship Builder Restructures
According to a July 9 report from Thanh Nien News, loss-making shipbuilding giant Vinashin has admitted its massive expansion efforts over the past few years had been overconfident and had led to restructuring it is now undergoing. The government said that the shipbuilder’s debts totaled more than $4.2b. As a result, it has to be restructured so that it can focus only on its core business, the government said. Projects that are not necessary to the company’s development will be transferred to other state-owned enterprises, like Vietnam Oil and Gas Group (PetroVietnam) and Vietnam National Shipping Lines (Vinalines). (Source: Thanh Nien News)
