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PetroVietnam hopes to make hay overseas
The boss of PetroVietnam has asked the government to create a special mechanism to ensure the company can invest overseas and help boost the country's fledgling oil and gas industry.
Dinh La Thang, chairman of the National Oil and Gas Group, said PetroVietnam badly needs incentive policies that facilitate its deals with foreign partners to meet the domestic rising demand for fuel.
"With the current mechanism, policy and procedure, we would not be able to buy any oil fields overseas, or to complete major projects on schedule," said Thang at a meeting with Deputy Prime Minister Hoang Trung Hai and other officials from relevant ministries.
Thang cited his company's failure in making a US$2bil deal with Kazakhstan as an example of a time-consuming procedure that hindered the company's business development.
Although the government had agreed to spend $2bil to buy an oil field with an estimated reserve of 60mil tonnes of crude in Kazakhstan, the price went up to $2.1bil when a PetroVietnam representative arrived there.
A foreign company snatched their contract before PetroVietnam could get the Vietnamese government's approval for the new price.
"We cannot speed up the construction of major oil and gas projects if we continue to apply the current bidding regulations required for construction of projects onshore," he said.
His comment was echoed by various ministry officials who said Vietnam will not make a breakthrough in its oil and gas industry unless the government grants a specific mechanism for the sector.
Taking their petition seriously, Deputy Prime Minister Hoang Trung Hai said PetroVietnam should make their own proposal on the issue so that the government can make a final decision.
The government promised to speed up the decentralisation process.
On the other hand, Hai said, PetroVietnam must make a fundamental change in its operation and management based on personal accountability.
He urged the company accelerate oil and gas exploration and production while buying more overseas oil fields to maintain the country's energy security.
VNS
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