PetroVietnam plays a central role in local development

PetroVietnam plays a central role in local development

As a large state-owned company, the National Petroleum and Gas Group of Vietnam (PetroVietnam – PVN) has a mission to support economic development in disadvantaged regions and localities. The group has always prioritized projects in poor localities that can serve as an engine for local economic growth.

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PetroVietnam has largely contributed to the economic development of localities. Photo: VNA/CVN

The Dung Quat refinery is a typical example. Prior to the construction of the refinery, the central province of Quang Ngai was among the provinces with the lowest fiscal revenues in the Center. Once in operation, the Dung Quat refinery contributed trillions of VND to the local budget every year.

The financial contribution of the Dung Quat refinery has enabled the provincial authorities to invest in infrastructure such as electricity transmission networks, roads, schools and health facilities serving the local inhabitants, thus improving their living conditions. life.

The refinery has also helped stimulate the establishment of many service and ancillary industry businesses to serve its operation.

Another example of the role of PetroVietnam projects in local development is the southern province of Cà Mau. In the past, Cà Mau was a purely agricultural province. The construction project of the Gas-Electricity-Nitrogen Fertilizer Industrial Complex of Cà Mau has played an important role in the socio-economic development of this province. The contribution of the complex represents nearly 30% of the annual income of this locality.

This complex has also helped transform the province into a major aquaculture center that exports hundreds of millions of USD worth of aquatic products every year.

The Cà Mau Gas-Electricity-Nitrogen Fertilizer Industrial Complex, invested by Compagnie Petrovietnam Cà Mau Fertilizer Company Limited (PVCFC) has experienced strong growth over the past decade and has become the main fertilizer production center in the country. The Cà Mau 1 and 2 power plants, with a total capacity of 1,500 MW, have greatly contributed to ensuring national energy security.

Recently, the implementation of a construction project of Nghi Son refinery and petrochemical complex in the North Central province of Thanh Hoa, which represents an investment of about 10 billion USD, has brought changes rapid socio-economic issues in this region.

According to National Assembly Deputy Bùi Sy Loi, since the launch of the project, marked changes have been observed not only in the northern part of Thanh Hoa province, but also in the southern part of Nghê An province. In the past, the provincial authorities had to grant food aid to these areas each year during the semi-harvest period. However, the area flourished at the pace of the project.

Investment from the oil and gas sector has laid the foundation for economic growth in the region, he said, pointing out that the Nghi Son petrochemical complex marked an extremely significant start in local socio-economic development.

In addition, the oil and gas sector has also contributed to solving an important social problem, namely the creation of jobs for workers through its investment projects. In addition to creating jobs, oil and gas investment projects help improve the quality of the workforce.

Last year, PetroVietnam remained one of the three largest companies in the country, for the 14e consecutive year, according to the VNR500 ranking published by Vietnam Report.

Despite the complex COVID-19 situation that has affected almost all businesses, through effective response measures, PetroVietnam has maintained its operations and supply of strategic products, helping to stabilize the market, ensure national energy security and contribute to the state budget.


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