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The Hanoitimes - PVN accounts for about a third of the country's refined product output and supplies gas for power plants that make up about 15% of Vietnam's power generation. Fitch Ratings has affirmed Vietnam Oil and Gas Group's (PetroVietnam) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. Fitch affirms state-run Vietnam Oil and Gas Group at BB with stable outlook. PVN's IDR is capped by that of its parent, the Vietnam sovereign (BB/Stable), under Fitch's Government-Related Entities (GRE) Rating Criteria, stated the rating agency, adding the company is wholly owned by the state, which exerts significant influence over its operating and financial policies. Meanwhile, Fitch assesses PVN's Standalone Credit Profile (SCP) at 'bb+', reflecting the company's conservative financial profile, diversification and integration. Such assessment is support by PVN's position as Vietnam's largest upstream oil and gas producer, which has exclusive rights to Vietnam’s oil and gas reserves by regulation. Fitch expected PVN’s earnings before interest, taxes, depreciation and amortization (EBITDA) to fall by about 55% and 30% in 2020 and 2021, respectively, from 2019, amid the weak oil price environment. However, it is expected that PVN would continue to maintain a net cash position over the next two years, as Fitch anticipated a delay in PVN expansion plans. Fitch believed the earnings of PVN's upstream, refining and oil distribution segments will be dampened severely in 2020. However, earnings from its gas distribution, fertilizer and power businesses would remain relatively stable, Fitch added. PVN holds interests in all of Vietnam's upstream oil and gas assets, accounts for about a third of the country's refined product output, and supplies gas for power plants that make up about 15% of Vietnam's power generation. PVN also accounts for about 80% of Vietnam's fertilizer production. …

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Foreign ship arrivals down 6 percent in first two months Vietnam’s sea ports have berthed some 4,900 foreign vessels over the last two months, a decline of 6 percent year-on-year, according to the Vietnam Marine Administration. The fall was due largely to the impact of COVID-19, which is resulting in major fluctuations in the transport sector, a representative of the administration said. Despite the lower number of foreign ships, the volume of import and export goods through ports grew. In January and February, 35.3 million tonnes of imports and 26 million tonnes of exports were handled at ports nationwide. The former represented an annual increase of 14 percent while the latter was as same as that last year. In particular, nearly 1.3 million TEUs for exports and 1.2 million for imports were handled during the period, up 32 and 16 percent, respectively, year-on-year; the highest growth since the pandemic began. Meanwhile, the arrival of domestic vessels totalled 5,300, up 11 percent year-on-year./. Quang Ninh’s Van Don airport reopens on March 3 The Ministry of Transport has decided to allow Van Don International Airport in the northern province of Quang Ninh reopen from 6:01am on March 3 after the COVID-19 pandemic has been put under control in the locality and the airport is safe to transport passengers. The airport was temporarily shut down from January 29 after an airport security staff was confirmed positive for the coronavirus SARS-CoV-2 that causes the COVID-19 pandemic. The national flag carrier Vietnam Airlines announced earlier that it will resume flights between Ho Chi Minh City and Quang Ninh on March 3, thus becoming the first to restart flights to the Van Don airport since the local COVID-19 outbreak began. From March 3 to 17, one weekly flight will ply the route between the two destinations, on Wednesdays. Flight numbers will be increased to three a week, on Wednesdays, Fridays, and Sundays, from March 18 until the …

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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 …

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