PM stresses the need to ensure energy self-sufficiency

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It is a must to ensure energy self-sufficiency and balance in any circumstances, meeting energy demand in production, business, national defence and security, and other activities, Prime Minister Pham Minh Chinh said while chairing a working session with the Vietnam Oil and Gas Group (PetroVietnam) in Hanoi on March 16.

Prime Minister Pham Minh Chinh

The PM commended the group’s performance and shared its difficulties in operation, pledging that the Government will work together with ministries, agencies and the group to address them.

Given complex and unpredictable developments of the geo-political and geo-economic situation, and fierce strategic competitions, which have impacted the oil and gas industry, PetroVietnam needs to quickly adapt to the situation and flexibly settle issues, he stressed.

Chinh asked the group to step up exploitation, make the best use of advantages to overcome challenges, consolidate the energy development strategy and another on the oil and gas sector’s development, and sketch out scenarios for unexpected issues. PetroVietnam should select suitable partners and invest in the areas of its strength, he suggested, urging the group to focus on handling problems relating to the Nghi Son Oil Refinery.

The PM also asked PetroVietnam to actively participate in building the Power Development Plan VIII, with national interests the top priority.

It was reported at the meeting that last year, PetroVietnam’s total revenue was over 627 trillion VND (27.4 billion USD), surpassing the set target by 28 percent, and its budget contribution exceeded 112 trillion VND, surpassing the yearly plan by 89 percent.

In the first two months of this year, the group pumped nearly 1.8 million tones of crude oil, exceeding the target by 24 percent.