Niantic projects

/ March 14, 2018

PVN to seek Japanese funding for US$10-billion petroleum project

The Hanoitimes - PetroVietnam (PVN) and the Japan Bank International Cooperation (JBIC) are discussing financial arrangements for the Block B gas project and 52/97 field development project, announced PVN on its website. Following the discussion, JBIC will consider providing funding for the Block B and 52/97 projects without a guarantee from the government. PVN to seek Japanese funding for US$10-billion petroleum project. Block B gas project is one of the largest of its kind in Vietnam, with a total investment of US$10 billion. With such large investment, stated PVN, the search for an appropriate financial arrangement has been a major concern for foreign partners taking part in the project. Following the schedule, the project will award the contract and sign the first engineering, procurement, construction and installation (EPCI) contract in June, while the second EPCI will be inked in July. Block B gas project includes 2 components. The first component is to develop the Block B gas field worth US$6.8 billion, which will be financed and operated by PVN (42.896%) in partnership with PVEP (26.788%), Mitsui Oil Exploration Co. Ltd. (22.575%) and PTTEP (7.741%). The Block B field development will include one central technology platform, 46 operations platforms, a housing platform, one condensate vessel and drilling of 750 production wells. The second component is the US$1.2-billion 431km-long Block B – O Mon gas pipeline, with PVN, PVGas, Mitsui Oil Exploration Co. Ltd. and PTTEP forming a joint collaboration for the pipeline development. The project will produce and transport gas from the three fields to the power plants located in Kien Giang and O Mon regions. It is estimated that approximately 5.06 billion cubic meters of gas per year will be transported onshore from the total estimated reserves of 3.78 billion cubic feet for a period of 20 years starting in 2020. The project is expected to assist Vietnam in achieving its …

/ March 4, 2021

HCM City: early start proposed for over 4.8 trillion VND traffic project

Costing more than 4.84 trillion VND (211.2 million USD), the project is slated to complete in July 2023, in conjunction with the completion of the Tan Son Nhat international airport’s Terminal 3. The project, approved in December 2019, includes the building of a six-lane 4km road, an intersection tunnel, and a 1,200m overpass in front of the Terminal 3. Apart from the project, the city also conducting procedures to implement the expansion of Hoang Hoa Tham road and upgrading of Cong Hoa road around the Tan Son Nhat airport. The construction of both projects was initially set to begin in 2020 but it was delayed due to problems in site clearance. Source: VNA …

/ March 3, 2021

PM asks for prompt solutions to ineffective, stagnant industry-trade projects

>>> PM hails role of Vietnam Bank for Social Policies in poverty reduction According to a report at the meeting, currently, three projects have been excluded in the supervised list, while a number of projects have become operational but with difficulties and losses, and some others have not been completed or halted operation. Meanwhile, five projects have suffered disputes in EPC contract despite many negotiations. The Ministry of Industry and Trade (MoIT) explained that due to the incomplete settlement of EPC contracts, there is still a lack of legal foundation for the divestment of capital from the projects. At the meeting, PM Phuc asked the MoIT to submit solutions to the failed Phuong Nam Pulp Mill project by March 10. Due to the complication of other projects, the PM asked the Committee for Management of State Capital at Enterprises to give more detailed proposals. He asked relevant agencies to strictly implement the conclusions in the work, especially in assigning the Committee for Management of State Capital at Enterprises to deal with the remaining projects, including three managed by the Vietnam National Chemical Group. He requested groups and corporations to restructure projects in the direction of minimising negative impacts on the State budget and ensuring the rights of labourers as well as national security, defence, environment and social stability. For projects with no possibility of settlement, it is necessary to sell and dissolve them or allow their bankruptcy in line with the law to reclaim the State property, he stressed, asking the Steering Committee to submit a list of projects with no hope of recovery for timely settlement. …