Signed a credit contract of more than 1 billion USD for the Block B - O Mon Gas Pipeline and Gas Extraction Project

Deputy Prime Minister Ho Đuc Phoc delivers a speech.

The Deputy Prime Minister congratulated PVN and Vietcombank - the country's two leading enterprises, for signing a credit contract for a large-scale investment project, which is a breakthrough in the implementation of Resolution 70-NQ/TW of the Politburo on ensuring national energy security. He emphasized that this is the common joy of the Party, the Government and the people, affirming the importance of the project for energy security and economic development.

The Deputy Prime Minister praised Vietcombank and PVN for their great contributions to the economy, and suggested that the two sides closely coordinate to implement the project on schedule, ensuring safety, quality and efficiency.

Deputy Prime Minister Ho Đuc Phoc and delegates witness the signing ceremony between PVN and Vietcombank.

PVN Chairman Le Manh Hung said that this is an important milestone in the implementation of the Block B - O Mon gas - power project chain, including: gas exploitation at Block B& 48/95 and Block 52/97 (upstream), Block B - O Mon gas pipeline (midstream) and 4 O Mon thermal power plants (downstream) with a total investment of more than 12 billion USD.

The gas source from Block B will provide a stable and long-term supply to gas power plants in the Mekong Delta, contributing to reducing dependence on fuel imports, increasing the autonomy of the power system and realizing the commitment to energy transition and emission reduction in the spirit of COP26.

Chairman of Vietcombank Nguyen Thanh Tung emphasized that the signing affirms the leading and constructive role of domestic corporations and financial institutions, shifting from dependence on foreign capital to actively mobilizing domestic resources, towards the autonomous value chain of Vietnamese enterprises. Vietcombank is committed to providing optimal financial solutions, accompanying PVN to effectively implement this key project.

Governor of the State Bank of Vietnam Nguyen Thi Hong highly appreciated Vietcombank's efforts to arrange capital, and at the same time asked PVN to use the loan for the right purpose, safely and effectively. She said that the State Bank will continue to prioritize credit for large energy projects, contributing to the sustainable development of the economy.

The Block B - O Mon gas - power project chain is a national key energy project, with the participation of PVN, PVEP, MOECO (Japan) and PTTEP (Thailand). The Vietnamese side holds 70% and foreign partners hold 30%. The project is expected to contribute about 30 billion USD to the State budget over its life cycle.

For PVN, this project has strategic significance in transforming into the Vietnam National Energy and Industry Group, optimizing the value chain from gas exploitation - transportation - power generation, contributing to ensuring energy security and improving national competitiveness./.