The Block B - O Mon gas power project chain has strategic significance for the Southwest region.

Photo caption — Deputy Prime Minister Ho Duc Phoc and delegates witnessed the signing ceremony of the loan contract for the project to develop gas exploitation in blocks B&48/95 and 52/97 and the project to transport gas from block B to O Mon. Photo: An Dang/VNA

Attending and directing the signing ceremony, Deputy Prime Minister Ho Duc Phoc emphasized that the contract signing ceremony is an important milestone, demonstrating the proactive mobilization of domestic capital, contributing to the realization of Resolution 70-NQ/TW of the Politburo on ensuring national energy security to 2030, vision 2045 and specifying tasks to promote the Power Plan VIII (adjusted).

Deputy Prime Minister Ho Duc Phoc said that in recent times, Vietnam has achieved many positive results in economic development and growth. These encouraging results have been achieved thanks to the national energy security foundation being ensured as well as the flexibility and initiative in mobilizing and arranging adequate and timely credit capital for large and important national projects. The energy and credit sectors are considered the two main blood vessels of the Vietnamese economy. Solid energy security is the foundation for socio-economic development.

To grow quickly and sustainably, we must have sufficient, stable energy sources at reasonable prices and reduced emissions. We cannot let "electricity wait for gas, gas wait for capital" - Deputy Prime Minister Ho Duc Phoc emphasized.

According to Deputy Prime Minister Ho Duc Phoc, the Block B - O Mon Gas Power Project Chain is an important national project, a key project of the energy sector, of strategic significance for the socio-economic development of the Southwest region, as well as ensuring national energy security in the coming years. In order for the project chain to soon bring practical results, Petrovietnam needs to continue to coordinate and accompany Vietcombank to implement the project urgently, ensuring progress and quality at the highest level, proactively coordinate closely, notify early about capital needs so that Vietcombank can disburse effectively, and ensure the connection of component projects in the overall project chain.

At the signing ceremony, Chairman of the Board of Members of Petrovietnam Group Le Manh Hung said that the Block B - O Mon gas - power project chain includes: Gas exploitation development project at Block B & 48/95 and Block 52/97 in the upstream; Block B - O Mon gas pipeline project in the midstream and 4 O Mon thermal power plant projects in the downstream with an investment capital of more than 12 billion USD. The gas source from Block B is expected to provide stable and long-term supply for the gas power plant cluster in the Mekong Delta, contributing to reducing dependence on fuel imports, increasing autonomy and operational flexibility of the national power system; in line with the orientation of Power Plan VIII (adjusted), realizing the commitments of the Vietnamese Government on energy transition, reducing emissions in the spirit of COP26. This is a large-scale project, requiring high capacity for implementation, progress - cost - quality management and technical - commercial - financial coordination.

Today’s agreement is a concrete step to ensure the timely and stable allocation of capital resources for key implementation milestones; at the same time, it affirms the credit institution’s trust in the project’s financial potential, management capacity and investment efficiency. This credit contract is also a clear demonstration of the creative efforts of Petrovietnam and Vietcombank in maximizing domestic resources, replacing foreign capital that must be arranged from foreign markets, turning commitments into results, turning opportunities into practical values for the economy, bringing benefits to the country and efficiency to both parties.

According to Mr. Le Manh Hung, with timely financial resources, along with a smooth coordination mechanism between state management agencies, ministries, branches and localities, and the support of Vietcombank and partners, the Block B - O Mon Project Chain will be implemented on schedule, bringing gas ashore soon, providing stable fuel for the power plant cluster in the Mekong Delta; thereby adding capacity, improving the reliability of the power system, reducing emissions, increasing the competitiveness of the economy and raising the position of Vietnam's industry - energy in the international arena.

Also at the signing ceremony, Chairman of the Board of Directors of Vietcombank Nguyen Thanh Tung said that the credit contract worth more than 1 billion USD for the Block B&48/95, Block 52/97 gas exploitation development project and the Block B - O Mon gas pipeline project is a symbol of strategic trust between two key state-owned enterprises, demonstrating a strong shift from dependence on foreign capital to proactively mobilizing domestic resources. With the trust, intelligence, courage and consensus of the Petrovietnam - Vietcombank team and the support of the Government, the Block B - O Mon project chain will be implemented on schedule.

Source: https://baotintuc.vn/kinh-te/chuoi-du-an-khi-dien-lo-bo-mon-co-y-nghia-chien-luoc-doi-voi-khu-vuc-tay-nam-bo-20251007201917142.htm