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Attending the ceremony, from the Vietnam National Oil and Gas Group (Petrovietnam) were Comrade Le Manh Hung, Party Secretary and Chairman of the Group’s Board of Directors; Comrade Le Ngoc Son, Deputy Party Secretary and General Director of the Group; Comrade Tran Quang Dung, Permanent Deputy Secretary of the Group’s Party Committee; representatives of the specialized departments/Group Office; leaders of member units, branches, project management units, and joint ventures of the Group.
The documents signed at the ceremony included: Memorandum of Understanding for the Agreement on the Supply and Consumption of Ky Lan field gas, Blocks 103&107 between PVEP and Vietnam National Gas Corporation – JSC (PV GAS); and the Framework Agreement on the Supply of Dai Hung crude oil, Lot 05-1a to the Dung Quat Refinery between PVEP, Vietnam Oil Corporation – JSC (PVOIL) and Binh Son Refining and Petrochemical Joint Stock Company (BSR).
According to the Energy Market Development Roadmap in Decision No. 2233/QD-TTg dated December 28, 2020, on “Approval of the Scheme for developing a competitive energy market by 2030, with a vision to 2045”, the Prime Minister allows contractors and investors of new gas exploitation projects to choose to negotiate to sell gas directly to consumers or sell wholesale to Petrovietnam/PV GAS.
PVEP and PV GAS sign a Memorandum of Understanding on the supply and consumption of Ky Lan field gas, Blocks 103&107
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To meet the requirements for energy security and to respond promptly to unfavorable changes in the global crude oil market; to harmonize the interests of Petrovietnam and its units’ business activities, including PV GAS’s gas business; and to contribute to market stabilization and ensure national energy security, PVEP and PV GAS have agreed and reached a Memorandum of Understanding on the Agreement on the Supply and Consumption of Ky Lan field gas, Blocks 103&107. The signing of this Memorandum of Understanding will open up important orientations and premises for the development of oil and gas activities in the Hong (Red) River Basin and the Gulf of Tonkin area.
With the orientation from the Government of Vietnam and Petrovietnam on maximizing the supply of domestic crude oil to Vietnamese refineries to ensure raw materials to meet the requirements for energy security and respond promptly to unfavorable changes in the global crude oil market, in the period of 2021-2024, with the support of the Group, the Parties, including PVEP, PVOIL as the crude oil sales agent, and BSR, have complied with and effectively implemented the Framework Agreement on the long-term supply of Dai Hung crude oil to the Dung Quat Refinery. The Parties have successfully delivered and received approximately 6.44 million barrels of crude oil, with a revenue of approximately 614.4 million USD. PVEP has carried out crude oil commercialization in compliance with the provisions of the Production Sharing Contract (PSC), the Oil Sales Agreement (MSA), the Regulation on the Management of Crude Oil Sales Activities of the Group, and the relevant regulations of Petrovietnam/PVEP, in line with international practices, with competitive tender and direct negotiation forms to ensure the interests of the related Parties.
PVEP, PVOIL, and BSR sign a Framework Agreement on the long-term supply of Dai Hung crude oil to the Dung Quat Refinery for the period of 2024 – 2027
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To continue the effective implementation of the long-term supply of Dai Hung crude oil to the Dung Quat Refinery, PVEP, PVOIL, and BSR have agreed and reached a Framework Agreement on the long-term supply of Dai Hung crude oil to the Dung Quat Refinery for the period of 2024-2027. This is also a condition to expand cooperation between the Parties and increase the efficiency of the value chain linkage within the Group.
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