PV GAS and PVOIL sign a business co-operation contract for the 2021-2025 period
Petrovietnam Gas Joint Stock Corporation (PV GAS) on January 20 in 2021 signed a five-year business co-operation contract with PetroVietnam Oil Corporation (PVOIL).
Mr.Dinh Van Son- Member of Vietnam Oil and Gas Group (PetroVietnam)’s Board of Directors, Mr.Le Xuan Huyen- PetroVietnam’s Deputy General Director, and representatives of the Group's professional departments attended and witnessed the signing ceremony.
On PV GAS side, the ceremony saw the attendances of Mr.Nguyen Sinh Khang- Chairman of the Board of Directors, Mr.Duong Manh Son- General Director, and members of the Board of Directors, Management Board, and representatives of professional departments and units of PV GAS.
On PVOIL side, Mr.Cao Hoai Duong- Chairman of the Board of Directors, Mr. Doan Van Nhuom- General Director, members of the Board of Directors, Management Board, and representatives of professional departments and units of PVOIL attended the ceremony.
The signing ceremony was an important event in line with Petrovietnam’s policy on setting up a closed production chain, from raw materials – production – storage- distribution of petroleum products to develop all oil and gas product processing and trade fields thanks to the cooperation between affiliates in the Group.
PV GAS is the Group’s unique member unit to produce and trade condensate, while PVOIL is the Group’s unique unit to produce and trade petroleum. Under the PetroVietnam’s approval, PV GAS will supply condensate to PVOIL for the production of RON91 gasoline and semi-finished products for the market.
Under this co-operation which will last from 2021 to 2025, PV GAS will supply condensate and PVOIL will process, produce and sell petroleum products. It is the win-win co-operation to increase the value of the condensate production, trade and processing chain, matching PV GAS’ condensate production situation in the 2021-2025 period and the PVOIL's business model.