Vietnam National Petroleum Group (Petrolimex) and Japan Cooperation Centre Petroleum (JCCP) signed an agreement for the second phase of a technical project on operating the petroleum depot at Petrolimex’s headquarters in Ha Noi.

The second phase from 2018 to 2020 will focus on automation and improvement of the environmental safety management system at the petroleum depot.

Since 2016, JCCP, JXTG group of Japan and Petrolimex have worked together effectively to apply the experience of and technologies used in petroleum depots in Japan to improve the management, operation and maintenance of equipment at the Petrolimex depot.

With JXTG’s assistance, the Vietnamese group has successfully compiled regulations on the examination and maintenance of pipelines at petroleum depots, and these rules will be applied to all depots of Petrolimex this year to prevent risks and enhance safety.

Speaking at the signing ceremony on Tuesday, leaders of the companies pledged to carry out the project as scheduled and in a fruitful manner, thereby generating practical benefits and enhancing the sustainable partnership among JCCP, JXTG and Petrolimex.

In 2017, Petrolimex reported total sales of more than VND155.65 trillion ($6.84 billion), a year-on-year increase of 26 per cent. However, despite a growth in revenue, it posted a consolidated pre-tax profit of nearly VND4.88 trillion (nearly $214.5 million), down by 23 per cent.

As of December 31, 2017, Petrolimex’s total assets increased by VND12.306 trillion from the beginning of the year to VND66.55 trillion. — VNS