Two oil giants respond to energy transition

Petrolimex seeks investment partners in green energy technology

Mr. Pham Van Thanh - Chairman of the Board of Directors of Vietnam National Petroleum Group (Petrolimex) said that in the next 15 years, petroleum will still be the main pillar, however, the energy transition trend is very strong after 140 countries committed to Net Zero by 2050. In that context, Petrolimex has built a scenario to switch from traditional fuels to clean fuels. However, in the past 3 years, the trend has been different. Large corporations in the world have very different directions.

Specifically, according to Mr. Thanh, a number of large corporations such as Chevron, ExxonMobil, Shell... have had to adjust their investment plans in renewable energy. For example, some units have cut their investment from 5 billion USD/year in clean energy to only 1.5 - 2 billion USD when these investments have not brought about clear economic efficiency, even causing losses. In addition, at the government level, some countries have also changed their policies.

Therefore, Petrolimex will continue to monitor new developments in Vietnam's implementation of Net Zero by 20250 to respond. "Domestic petroleum enterprises are also working and observing, not going too fast. We have recently established a Net Zero action steering committee such as installing rooftop solar panels, inventorying greenhouse gases, cooperating with international organizations and will decide how fast or slow to go in this energy transition process depending on the situation," Mr. Thanh shared.

In addition, the Group has begun to use biofuels and is seeking opportunities to cooperate with international partners to invest in green energy technology. Specifically, Petrolimex has signed a memorandum of understanding with the three leading US Ethanol Supply Associations on ethanol supply to establish a cooperation agreement and expand bilateral trade between Petrolimex and the US ethanol industry. Along with that, the Group also signed a memorandum of understanding with Marquis Energy on facilitating transactions and importing biofuels.

PV OIL continues to expand non-petroleum services

PetroVietnam Oil Corporation (PV OIL) has also announced plans to respond to the energy transition trend. Accordingly, the Company has been expanding investment in non-oil sectors, supplementing revenue and reducing risks in the energy transition process.

For example, PV OIL cooperates with VinFast to operate charging stations at gas stations. Currently, PV OIL's system has installed over 400 charging stations for electric vehicles with nearly 2,300 charging posts nationwide, contributing positively to business results and, more importantly, helping to reduce risks for PV OIL's operations in the process of converting from gasoline-powered vehicles to electric vehicles.

In addition, this enterprise also tested the cooperation model of opening coffee kiosks with Highlands Coffee at some gas stations. Accordingly, Highlands Coffee opened the first point of sale and is now present at 9 points in 5 provinces and cities. PV OIL leaders affirmed that the diversity of non-gasoline services helps PV OIL stores attract customers. And the Corporation continues to conduct surveys to expand the implementation of this model.

In addition, the model of rest stops combined with gas stations, especially on national highways and expressways, also helps the "big guys" of gas stations increase sales. "Some stores after investing in rest stops recorded double sales output" - PV OIL leaders said, saying that they plan to develop about 12 - 15 rest stops in the next two years.

With the orientation of implementing new fuel business, PV OIL has been granted a license by the Ministry of Industry and Trade to be a key trader in Jet A1 aviation fuel and is promoting related work to implement business from the fourth quarter of 2025. In the future, PV OIL aims to trade hydrogen when this fuel becomes popular following the energy transition trend.

In addition, in the near future, PV OIL plans to carry out the task of developing science and technology assigned by Petrovietnam and develop non-petroleum service business activities, e-commerce applications that PVOIL has invested in. To prepare for implementation, PV OIL has added related business lines such as leasing solar power equipment systems, scientific research and technology development, advertising (on the PV OIL 4U application) and related business lines of collecting and processing used cooking oil, etc.

Mr. Cao Hoai Duong - Chairman of PV OIL Board of Directors said: “The above solutions help PV OIL expand its business, increase revenue and profit. In addition to direct profits, PV OIL has a greater expectation of the mutual support between non-petroleum services and traditional business, helping to attract customers and improve operational efficiency”.

Hoang Tu

Source: https://baophapluat.vn/hai-ong-lon-xang-dau-ung-pho-voi-chuyen-dich-nang-luong-post546861.html