The Vietnam National Petroleum Group (Petrolimex) and the Japan Cooperation Centre Petroleum (JCCP) has signed an agreement for the second phase of a technical cooperation project on operating the petroleum depot at Petrolimex’s headquarters.

Deputy General Director of Petrolimex Vuong Thai Dung (front, left) and Senior Executive Director of JCCP Eiji Hiraoka (front, right) exchange the signed cooperation deal (Photo: petrolimex.com.vn)

Accordingly, the second phase from 2018 to 2020 will focus on automation and improvement of the environmental safety management system at the petroleum depot.

Between 2016 and 2018, JCCP, JXTG group of Japan and Petrolimex have worked effectively together to apply the experience of and technologies used in petroleum depots of Japan to improve the management, operation and maintenance of equipment at the Petrolimex depot.

With the JXTG’s assistance, the Vietnamese group has successfully compiled regulations on the examination and maintenance of pipelines at petroleum depots, and these rules will be applied at all depots of Petrolimex this year to prevent risks and enhance safety.

Speaking at the signing ceremony, leaders of the companies pledged to carry out the project as scheduled and in a fruitful manner, thereby generating practical benefits and enhancing the sustainable partnership among JCCP, JXTG and Petrolimex.

In 2017, Petrolimex reported total sales of more than 155.65 trillion VND (6.84 billion USD), a year-on-year increase of 26 percent. Despite a growth in revenue, it posted a consolidated pre-tax profit of nearly 4.88 trillion VND (nearly 214.5 million USD), down 23 percent.

As of December 31, 2017, Petrolimex’s total assets increased by 12.306 trillion VND from the beginning of the year to 66.55 trillion VND (2.92 billion USD).-VNA