Prime Minister Nguyen Xuan Phuc on Wednesday asked the National Oil and Gas Group (PetroVietnam) to enhance its business efficiency and contribute to ensuring energy security and asserting national sovereignty.

Phuc was speaking at a ceremony where the decision to appoint Tran Sy Thanh, former secretary of the Lang Son Province Party Committee, as the new chairman of the PetroVietnam Members’ Council was announced

Phuc urged PetroVietnam to strive to fulfill its socio-economic development tasks following the country and the group’s oil and gas development strategy to 2025 with a vision to 2030, stressing its significant contribution to the socio-economic development.

PetroVietnam should closely watch developments on the East Sea and enhance cooperation in implementing offshore oil and gas projects on the continent shelf of Viet Nam, Phuc said.

He also asked the group to hasten restructuring following the approved plan for the 2017-20 period. Accordingly, the restructuring plan must be submitted to the Government within the first quarter of this year.

Focus should also be on hastening major national projects such as Blue Whale gas project, Nghi Son Oil Refinery, Dung Quat Oil Refinery, along with power projects, he added.

In addition, problems at its five loss-making projects must be handled thoroughly, including Dinh Vu polyester plant, Dung Quat shipyard and three bio-fuel plants.

The Prime Minister highly appreciated the higher-than-target results of PetroVietnam in 2017.

The group’s oil production output exceeded the target by 10.5 per cent, gas output by 3 per cent, power generation by 2.4 per cent, and petrol and oil production of Dung Quat Oil Refinery by 19.5 per cent. Its contribution to the State budget was 30.8 per cent higher than the target.

Thanh took the position which was considered a “hot seat” and left vacant since March.

Some of its former chairmen had been arrested and under investigation for alleged violations of State regulations on economic management. — VNS