State utility Electricity of Vietnam (EVN) has said a shortage of electricity would not be as severe as earlier forecast for it has found solutions to deal with a reduction in gas supply for a major southern power complex.
The Nam Con Son Pipeline was suspended from Monday as scheduled and the down-time lasts eight days under a plan to install a new air compressor for the platform in offshore Block 06.1 off the coast of Vung Tau City.
The suspension of gas supply was earlier believed to cause a serious power shortage as Phu My 1, Phu My 3 and Phu My 2.2 power stations with a combined output capacity of 4,000MW in the Phu My power complex in Ba Ria-Vung Tau Province run on gas supplied by the Nam Con Son project.
In a report, the electricity supply regulator AO of EVN forecast the power shortage in the daytime would reach 1,000MW a day.
However, Ngo Son Hai, deputy director of AO, said the office had asked local electricity companies to practice thrift. EVN will make the most of power stations that will switch from running on gas to diesel oil.
AO experts have forecast a power shortage of around 400MW in peak hours.
During the downtime of Block 06.1, Dinh Co gas terminal will not be shut down but the gas flow will be reduced. Therefore, some small-scale power plants with a total generation capacity of 1,000MW are continuing running on gas and other power plants with a total capacity of 3,000MW in cities and provinces will be fueled by diesel oil, Hai explained.
Hai stressed that if EVN effectively practiced electricity savings, it could ensure sufficient power supply.
EVN also plans standby solutions to deal with all possible contingencies to limit electricity cuts. In case of a huge power shortage, EVN will cut electricity supply for household users to ensure sufficient power for the manufacturing sector.
Block 06.1 is scheduled to close three times - July 9-14, August 29-September 6, and September 29-30.
According to BP, the operator of the Nam Con Son Pipeline project, Block 06.1 will be suspended for 14 days in September but the Nam Con Son Pipeline would be down for only eight days, and after eight days, the pipeline would potentially continue transportation of a maximum of 2.7mil cubic meters of gas a day from KNOC's Block 11.2.
Lan Tay and Lan Do gas fields in Block 06.1 that are being tapped by India's ONGC with a 45% stake, BP Vietnam (35%) and PetroViemam (20%) can supply an average three billion cubic meters of gas a year for the Phu My power complex over 20 years to produce 12bil kWh a year, 40% of the current national demand.
Source: VNE
Showing posts with label Gas. Show all posts
Showing posts with label Gas. Show all posts
Friday, July 13, 2007
PVI provides risk management to Dung Quat oil refinery
PetroVietnam Insurance (PVI) will provide the Dung Quat oil refinery with risk management consultation and insurance services worth over 3 billion USD per year.
Under an agreement that was signed in central Quang Ngai province on July 12, the insurance package will cover assets, personal safety, construction, installation and transportation insurance for the refinery.
Covering 338 ha of land and 473 ha of water in Quang Ngai province’s Binh Son district, t he 2.5 billion USD Dung Quat oil refinery will be capable of processing 6.5 million tonnes of crude oil per year and refine 33 percent of the country’s entire demand for petrol and oil. Its products will include protylen, liquefied petroleum gas (LPG), lead-free petrol, diesel oil and fuel oil.
PVI is now the sole insurer for the refinery, providing insurance services from design to the refinery’s initial test run.
Source: VNA
Under an agreement that was signed in central Quang Ngai province on July 12, the insurance package will cover assets, personal safety, construction, installation and transportation insurance for the refinery.
Covering 338 ha of land and 473 ha of water in Quang Ngai province’s Binh Son district, t he 2.5 billion USD Dung Quat oil refinery will be capable of processing 6.5 million tonnes of crude oil per year and refine 33 percent of the country’s entire demand for petrol and oil. Its products will include protylen, liquefied petroleum gas (LPG), lead-free petrol, diesel oil and fuel oil.
PVI is now the sole insurer for the refinery, providing insurance services from design to the refinery’s initial test run.
Source: VNA
Friday, July 06, 2007
Equitisation of oil and gas firms nearly complete
The oil and gas industry has virtually completed its entire equitisation process under a plan to form the Viet Nam Oil and Gas Group (PetroVietnam).
To date, 11 subsidiaries of PetroVietnam have been equitised with more than 289.5 million shares sold, or 94.2 percent of the total offered, close to 2,895 billion VND at face value. It raked in 14,960 billion VND.
The group also restructured the proportion of capital held by the State at its 11 equitised enterprises. As a result the State now holds 61.2 percent, or 4,611 billion VND, of their registered capital with the remaining shares being sold to staff and shareholders to bring in 16,345 billion VND for further business development.
Source: VNA
To date, 11 subsidiaries of PetroVietnam have been equitised with more than 289.5 million shares sold, or 94.2 percent of the total offered, close to 2,895 billion VND at face value. It raked in 14,960 billion VND.
The group also restructured the proportion of capital held by the State at its 11 equitised enterprises. As a result the State now holds 61.2 percent, or 4,611 billion VND, of their registered capital with the remaining shares being sold to staff and shareholders to bring in 16,345 billion VND for further business development.
Source: VNA
Friday, June 01, 2007
PetroVietnam plans $245 mln gas storage project
Three branches of Vietnam’s state-run oil and gas co, PetroVietnam have entered into a cooperation deal to invest US$245 million in gas cargo facilities and warehousing.
Following the deal signed Wednesday three branches of the company, PV Trans, PV Gas South and PV Gas North will establish a joint stock company to operate the project.
In the first phase, the new entity will invest $45 million, 70 percent of which will be contributed by PV Trans in buying four vessels to carry liquefied petroleum gas (LPG) products.
More that $200 million has been earmarked for the second phase of the project in building a warehouse and more vessels for LPG and liquefied natural gas.
The three companies plan to start the project this year.
The Ho Chi Minh City-based PV Trans, full name of PetroVietnam Transportation Company launched an initial public offering late last year via an auction of 25.7 million shares on the HCMC bourse.
The IPO is a part of its plan to raise its chartered capital to VND1.9 trillion ($118 million) from the current VND720 billion by 2010.
Source: Thanh Nien
Following the deal signed Wednesday three branches of the company, PV Trans, PV Gas South and PV Gas North will establish a joint stock company to operate the project.
In the first phase, the new entity will invest $45 million, 70 percent of which will be contributed by PV Trans in buying four vessels to carry liquefied petroleum gas (LPG) products.
More that $200 million has been earmarked for the second phase of the project in building a warehouse and more vessels for LPG and liquefied natural gas.
The three companies plan to start the project this year.
The Ho Chi Minh City-based PV Trans, full name of PetroVietnam Transportation Company launched an initial public offering late last year via an auction of 25.7 million shares on the HCMC bourse.
The IPO is a part of its plan to raise its chartered capital to VND1.9 trillion ($118 million) from the current VND720 billion by 2010.
Source: Thanh Nien
Wednesday, March 07, 2007
Petrovietnam LPG offers to public
Petrovietnam Northern Gas Company raised 486.5 billion dong (30mio US$) by selling more than 4 million shares to the public this week, the Hanoi stock market said in a statement on Wednesday.
Domestic investors bought all 4,226,000 shares on offer, or 31.3% of the company, at an average price of around 115,000 dong (7.15US$), the over-the-counter stock market said.
The starting price for bids was set at 10,500 dong, reflecting a rising interest in securities investment following a 144-percent rise of Vietnam's stock market index last year and a 50% rise so far this year.
Petrovietnam Northern Gas Company, also known as PVGas North, has yet to announce a listing date.
The Hanoi-based company, which imports and retails liquefied petroleum gas (LPG), is now valued at 96.5mio US$, based on its average share price at Monday's auction.
Its sister unit, Petrovietnam Southern Gas Company, is scheduled to hold its initial public offering of around 4.7 million shares on Friday.
Petrovietnam Vice President Hoang Van Hoan told Reuters in January the firm would sell off stakes in all non-oil producing subsidiaries but maintain 100-percent government ownership in core businesses such as crude oil production.
LPG is usually bottled in canisters and used as a cooking fuel in most areas of Vietnam which gas pipelines do not reach.
Vietnam's LPG production eased 0.7% last year to 343,400 tonnes following a fall of 0.3% in natural gas output to 6.42 billion cubic metres, government figures showed.
Source: Reuters
Domestic investors bought all 4,226,000 shares on offer, or 31.3% of the company, at an average price of around 115,000 dong (7.15US$), the over-the-counter stock market said.
The starting price for bids was set at 10,500 dong, reflecting a rising interest in securities investment following a 144-percent rise of Vietnam's stock market index last year and a 50% rise so far this year.
Petrovietnam Northern Gas Company, also known as PVGas North, has yet to announce a listing date.
The Hanoi-based company, which imports and retails liquefied petroleum gas (LPG), is now valued at 96.5mio US$, based on its average share price at Monday's auction.
Its sister unit, Petrovietnam Southern Gas Company, is scheduled to hold its initial public offering of around 4.7 million shares on Friday.
Petrovietnam Vice President Hoang Van Hoan told Reuters in January the firm would sell off stakes in all non-oil producing subsidiaries but maintain 100-percent government ownership in core businesses such as crude oil production.
LPG is usually bottled in canisters and used as a cooking fuel in most areas of Vietnam which gas pipelines do not reach.
Vietnam's LPG production eased 0.7% last year to 343,400 tonnes following a fall of 0.3% in natural gas output to 6.42 billion cubic metres, government figures showed.
Source: Reuters
Subscribe to:
Posts (Atom)
