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PetroVietnam aims to sink prices   2008-05-10 - VNS

HA NOI — National oil-and-gas giant PetroVietnam announced yesterday it would boost domestic natural gas production, continue seeking less expensive foreign sources and take additional measures aimed at reining in rising fuel and fertiliser costs.

HA NOI — National oil-and-gas giant PetroVietnam announced yesterday it would boost domestic natural gas production, continue seeking less expensive foreign sources and take additional measures aimed at reining in rising fuel and fertiliser costs.

At a press conference in Ha Noi, PetroVietnam also pledged that the group would strive to eliminate waste and halt investments outside of its core lines of business, with targeted savings of about VND550 billion (nearly US$34.4 million).

Management board member Phan Thi Hoa, responding to recent criticisms of PetroVietnam and other State-owned enterprises for investing in real estate development projects, financial services and other non-essential business activities, confirmed that PetroVietnam would scrutinise all current projects and would direct capital investment only into the most highly-prioritised projects.

"PetroVietnam will still inject capital into key projects for ports, warehouses and shipping fleets, but it will cease putting capital into real estate construction projects and other less-effective projects," Hoa said.

PetroVietnam general director Tran Ngoc Canh also told the press conference that PetroVietnam planned to expand its Nam Con Son gas plant and raise its design capacity to about 20 million cu.m daily later this year.

In the first four months of this year, PetroVietnam produced a total of 2.2 billion cu.m of gas form its from Nam Con Son and Bach Ho fields, up 45 per cent from the same period last year.

Canh also affirmed efforts to find less expensive import sources.

"PetroVietnam has just won a tender to take part in a contract to exploit oil and gas in Russia," Canh said. "The group is expected to set up a joint venture with its Russian partner and complete procedures so as to ink the deal officially in July."

Good news for farmers

"The group has also been negotiating with partners from Morocco to Central America to land long-term contracts to import fertiliser," Canh said.

PetroVietnam affirmed that the company’s chemical fertiliser subsidiaries would strive to satisfy 70 per cent of national demand and had set prices 10-15 per cent lower than market averages.

In the first four months of this year, Phu My Fertilisers, a subsidiary of PetroVietnam, churned out 210,233 tonnes of fertiliser and imported another 150,000 tonnes to meet domestic demand. It is expected that Phu My Co will produce about 740,000 tonnes for the whole year.

Phu My fertiliser prices were ranging between VND7,300 and VND8,000 per kilogram while import prices were hovering around VND12,000. PetroVietnam deputy director general Le Minh Hong attributed the low price of Phu My fertiliser to support from the Government and the group to ensure low input costs for gas and other raw materials.



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