Tuesday, 21 Nov 2017

An important turning point for 2021

Updated at Saturday, 09 Sep 2017, 16:02
The Hanoitimes - At the Signing Ceremony of Well Gas Contract Price and Transportation Charges for the Block B - O Mon gas project on September 1, Mr. Mitsuo Hidaka - President & CEO of MOECO, the representative of the contractor has shared about the meaning of this event.
Mr. Mitsuo Hidaka - President & CEO of MOECO made speech at the event
Mr. Mitsuo Hidaka - President & CEO of MOECO made speech at the event
​It is a great honor for me to to appear before you at this signing ceremony today on behalf of Foreign Partners. It is indeed a priviledge to address  of the  signing of the Letter of Agreement (LoA) on Wellhead Gas Price and Transportation Tariff of Block B & 48/95 and Block 52/97 in the capacity as  President and CEO of MOECO. I’m Mitsuo Hikada and I have the great pleasure to introduce our great partner, Dr. Somporn Vongvuthipornchai, President and CEO of PTTEP.

MOECO and PTTEP have enjoyed long standing cooperation with PetroVietnam for the development of the Block B Gas Project. Over the last 20 years, together we have been working very hard to establish a robust technical and commercial framework to  supply clean and reliable energy to support the socio-economic development in the South West of Vietnam. 



ThisLoA marks  a significant milestone to enable the finalization of the commercial agreements and other requirements for the FID to achieve First Gas by the end of 2021. The next few months would be critical and we urgently need the Government support to finalize the Government Guarantees an Undertakings (GGU) as this is of the top priority for Foreign Partners to take Final Investment Decision.

At this moment of celebration, I would like to express my sincere gratitude to everyone whose dedication and efforts have contributed to the development of this Project in general and to the finalization of this LoA in particular. Also, in particular I would like to thank Vice Minister Vuong, CEO and President Son, Vice President Thap and their teams. Their strong leadership, guidance and commitment have made the signing of this LoAa reality.

In closing, I would like to say that I am confident that through our efforts and commitment, we will be able to deliver First Gas on schedule, within budget and safely. With this LoA and our enhanced partnership with PetroVietnam, we hope to achieve our vision to stay in Vietnam long term.
Khac Kien
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