PV Oil leads the biofuel market

10:13 | 16/10/2013 Companies

(VEN) - PetroVietnam Oil Corporation (PV Oil) has made great efforts to ensure oil and gas market stability and comprehensively develop oil and gas stores throughout the country, contributing to creating a development premise in the coming years.


To implement Prime Ministerial Decision 177/QD-TTg dated November 21, 2007 on approving the project for the development of biofuel by 2015 with a vision to 2025, the Vietnam National Oil and Gas Group (PVN) cooperated with the ministries, departments and localities to construct three bio-ethanol production plants with a capacity of each plant of 100,000cu.m per year. PV Oil was an investor of two plants in Phu Tho and Binh Phuoc provinces.

According to the PV Oil’s statistics, total sales of E5 petrol in 2012 reached 22,000cu.m, equal to 108 percent of the yearly plan, an increase of 45 percent compared to the same period last year. However, total sales of E5 gasoline in the beginning months of 2013 did not meet expectation. Therefore, in the near future, PV Oil will promote propaganda to create habit for consumers in using biofuel products. In addition, PV Oil will continue to improve the system for storages, contributing to increasing sales for the company.

To create the market for biofuel and consume biofuel products from plants, PV Oil has invested in storages and improved gas and oil stores, contributing to bringing biofuel products to consumers through available distribution channel system.

In the context of economic difficulties, PV Oil determined to achieve set goals. Total sales of the company are expected to reach VND78.275 trillion in 2013. In addition, the company would reach pre-tax profits of VND444 billion.

PV Oil currently has five E5 blending stations with a capacity of 5,500cu.m per month, 143 gas and oil stores in 36 provinces and cities selling E5 gasoline. In addition, PV Oil has invested and constructed four more E5 blending stations with a capacity of 280,000cu.m per year per station in Dinh Vu, Nha Be, Vung Tau and Quang Ngai.

PV Oil continues to buy Bach Ho and Nam Con Son condensate in 2013 to produce gasoline. In addition, PV Oil has focused on produce A92 gasoline, researched and found additives to improve the efficiency of gasoline blending and committed to provide enough gasoline to the domestic market.

To implement the project for the development of biofuel approved by the government, PV Oil has tried to manage and closely monitor the plan on purchasing raw materials and reduce input costs. In addition, PV Oil has mobilized human resources to develop new products, contributing to ensuring sustainable development for the company. In particular, expanding consumer market for E5 gasoline, especially in seven cities in the country is needed./.

By Kim Ngan & Tien Dung




Theo ven.org.vn