PV GAS and PVOIL organize the delivery ceremony of the first batch of condensate
On the first working days of the Lunar New Year, Petrovietnam Gas Joint Stock Corporation (PV GAS) and Petrovietnam Oil Corporation (PVOIL) organized a delivery ceremony of the first batch of condensate under the Business Cooperation Contract (BCC) at PV GAS Vung Tau Warehouse.
The delivery ceremony is an important milestone of the two corporations to start the 2021-2025 BCC signed by PV GAS and PVOIL on January 20, 2021, thereby strengthening the long- term, comprehensive, and strategic cooperation relationship in the two unit’s whole chain of production and business. This contract also realizes Petrovietnam’s policy on setting up a closed production chain, from raw materials – production – storage- distribution of petroleum products to develop all oil and gas product processing and trade fields thanks to the cooperation between affiliates in the Group.
Accordingly, the BCC will last from 2021 to 2025. Under Petrovietnam’s approval, PV GAS collaborates PV Oil to produce RON91 gasoline and DO products to meet market demands. PV GAS will supply condensate and PVOIL will process, produce and sell petroleum products.
At the delivery ceremony, the corporations’ representatives witnessed the first batch of 4,000 sm3 condensate transferred from the tank at PV GAS Vung Tau Warehouse to the one of PV Oil Phú Mỹ. The condensate volume was produced at the Dinh Co Gas Processing Plant - GPP Dinh Co and transported by pipeline to PV GAS Vung Tau Warehouse before being transferred to PVOIL.
The next batch is expected to be delivered in the first half of March 2021.