Oil and gas sector should build stabilisation fund: President

He made the recommendation while visiting the Central Technology Platform No 2 under the Oil & Gas Production Enterprises (OGPE) – an affiliating unit of the Vietnam – Russia Join Venture (VietsovPetro), in southern Ba Ria-VungTau province on February 9, the second day of the traditional Lunar New Year (Tet). The workers there are responsible for collecting, treating, and transporting oil at the Bach Ho (white tiger) field.

The President described oil and gas production and exploitation as specific activities, which cover not only business but also political missions and national sovereignty safeguarding. VietsovPetro has a crucial role in the field’s activities, he said, adding that the enterprise’s development illustrates the sound traditional cooperation between Vietnam and Russia . The State leader extended his New Year greetings to the workers and hoped they would strengthen solidarity to overcome difficulties for the sector’s growth. VietsovPetro Director General Tu Thanh Nghia said the joint venture strives to better its performance in 2016 – which is forecast to be a difficult year for the sector. The group will also work to stabilise lives of workers, and make significant contributions to the socio-economic development, he added.

VietsovPetro currently counts 15 member units with 6,800 employees. In 2015, it exploited over 5.1 million tonnes of crude oil and brought ashore more than 1.4 billion cubic meters of gas. The total revenue reached over US$2.19 billion.