Extraction oil and gas

Hanoi (VNA) – PetroVietnam Power Corporation (PV Power) has said that a consortium of Citibank and Ingbank will arrange funds for the construction of its gas-fired power plants Nhon Trach 3 and 4 in the southern province of Dong Nai. Equipped with the mixed-flow gas turbine technology, the two thermal power plants will be the first in Vietnam using imported liquefied natural gas (LNG). They have a combined capacity of 1,500 megawatts and are being built at Ong Ke Industrial Park, Dong Nai’s Nhon Trach district. The plants are projected to help tackle power shortage in the southern region. PV Power is making every effort to start the work on the power plant chain in early 2021. PetroVietnam’s Nhon Trach 2 plant began commercial operation in 2011 with the capacity of 750 MW and productivity of 5.5 billion kWh per year. The 450KW Nhon Trach 1 plant, which began operation in 2008, generates 2.5 billion kWh per year./. … [Read more...] about Foreign banks to arrange funds for LNG-fired power plants

Jakarta (VNA) – Indonesian President Joko Widodo has instructed his cabinet members to increase the availability of raw materials for the steel and iron industry so as to support infrastructure development while slashing imports. At the cabinet meeting on February 12, the President stated that steel and iron, the third-largest import products in the country, contributed the most to the trade deficit. Therefore, Indonesia needs to make the industry become more competitive and optimise its production, he added. Indonesia’s imports of iron and steel amounted to 10.39 billion USD in 2019, up 1.42 percent year on year, according to Statistics Indonesia. Despite recording relatively small growth, iron and steel products are the only Indonesian import commodities seeing an expansion during the period in the context that purchase of non-oil and gas products from foreign countries contracted 6.3 percent year on year. Widodo said the country should firstly boost raw material … [Read more...] about Indonesia strengthens local iron, steel industry to reduce imports

Vice Chairman of the Korea Chamber of Business in Vietnam Hong Sun was quoted by the newspaper as saying that many South Korean manufacturers only have two to four weeks’ worth of inventory at their Vietnamese sites. “The fear is that if they don’t have enough parts, they can’t make the final product,” he said. … [Read more...] about Coronavirus may lower Vietnam’s State budget by VND42.3 trillion: ministry

Hanoi (VNA) – As many as 16 US enterprises, including IBM, Amazon, and John Deere, visited Cambodia for seeking investment opportunities in agriculture, according to US Ambassador to Cambodia Patrick Murphy. Speaking at a workshop held recently in Cambodia,  Murphy said this is the second consecutive year that the US Embassy coordinated with the US Government to organize a trade mission to Cambodia to explore investment opportunities in the agricultural sector. This is the largest US trade mission to Cambodia in recent history that represents the best US companies and large agricultural corporations, he stressed, noting that these may provide technological assistance for Cambodia to help the country promote agricultural development. The diplomat said US firms are also focusing on developing communities and explaining standards that must be met to achieve sustainable development. The agricultural sector accounts for about 22 percent of Cambodia's GDP, while employing … [Read more...] about US firms explore Cambodian agricultural market