Prime Minister calls for collaboration between MOECO and Petrovietnam for successful Block B project implementation

May 20, 2023 - 15:22
The Prime Minister of Việt Nam Phạm Minh Chính has asked Mitsui Oil Exploration Co Ltd (MOECO) to work closely with Petrovietnam to implement the Block B project to ensure progress, quality and efficiency.
Representatives at the meeting with PM Chính. — Photo

HIROSHIMA — Prime Minister Phạm Minh Chính underscored the importance of a close collaboration between Mitsui Oil Exploration Co Ltd (MOECO) and Vietnam Oil and Gas Group (Petrovietnam). The aim of this collaboration is to ensure the progress and effective implementation of the Block B of the Ô Môn gas project.

This content was conveyed during PM Chính’s discussion with MOECO President Hirotaka Hamamoto on May 20 during his official programme in Japan. The meeting was attended by government officials and representatives from various ministries.

From Petrovietnam, Lê Mạnh Hùng, the Group's General Director, and Trần Hồng Nam, General Director of Petrovietnam Exploration Production Corporation (PVEP) participated.

Mitsui, a global trading and investment corporation established in 1947, reported an impressive 2022 profit of US$8 billion with more than 46,000 employees. MOECO, a Mitsui subsidiary, focused on oil and gas exploration, operating across multiple countries.

In Việt Nam, MOECO was part of a joint venture for the Block B - Ô Môn gas project, a gas field and pipeline project valued at over $10 billion. This initiative aimed to provide natural gas to four power plants over two decades, contributing about 3,800MW to national energy security.

Hirotaka Hamamoto updated the Prime Minister on the Block B project's progress, proposing solutions to align with the principle of "harmonious benefits, shared risks". The plan was to reach a Final Investment Decision (FID) by June 2023, initiating gas exploitation by late 2026.

Petrovietnam's General Director, Lê Mạnh Hùng, assured the Prime Minister of their active role in addressing challenges to ensure project progression as per the set timeline.

Prime Minister Chính acknowledged MOECO's and partners' efforts in advancing the Block B project, considering it vital for Việt Nam's socio-economic development. Having visited the Ô Môn Thermal Power Centre three times in two years, he appreciated the project's resolutions to longstanding issues and pledged continued support.

He encouraged Mitsui to participate in Việt Nam's energy transformation as reflected in the National Power Development Plan of 2021-30, with a focus on green transition and technological advancement.

The Vietnamese Government pledged support to Japanese enterprises, particularly Mitsui, for effective and sustainable investments in Việt Nam. — VNS