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PVFCCo and PVChem sign a business cooperation contract for the Oxygen Plant project



On the afternoon of August 25th, in Hanoi, a signing ceremony for the business cooperation of the Hydrogen Peroxide (H2O2) Production Plant project took place between PetroVietnam Chemicals and Services Corporation (PVChem) and PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo).

Witnessing the signing ceremony were PetroVietnam’s CEO Le Manh Hung; PetroVietnam Board Members Bui Minh Tien and Nguyen Van Mau; PetroVietnam’s Deputy CEOs Duong Manh Son and Le Ngoc Son; along with representatives of the Group’s specialized departments.

Representing the two units were Mr. Duong Tri Hoi – Member of the Board of Directors of PVFCCo; Mr. Cao Trung Kien – Deputy CEO of PVFCCo; Chairman of the Board of Directors of PVChem Mr. Truong Dai Nghia; and CEO of PVChem Mr. Phan Cong Thanh.

In the face of opportunities and challenges arising from the rapid transformations in the global economic, political, and social landscape, the trend towards developing interconnected supply chains to enhance competitiveness in the market is an essential one. Executing the strategy of reinforcing internal strength and developing chain-linkages among units within PetroVietnam, based on the capacities, strengths, and developmental strategies of the member units, after a period of diligent collaborative research, PVFCCo and PVChem have come to the realization that the construction of the Hydrogen Peroxide (H2O2) Production Plant aligns with the overall plans and developmental objectives set within the trajectory of Vietnam’s Petroleum industry and the two Corporations. The product, Hydrogen Peroxide, not only diversifies the manufacturing and business products of both entities, but it’s also a high-demand commodity in both the domestic and international markets.

PetroVietnam’s leadership, along with representatives from PVFCCo and PVChem, witnessed the contract signing ceremony.

Based on this reality, PVChem and PVFCCo have reached a consensus to sign a business cooperation contract for the Hydrogen Peroxide Production Plant project (H2O2). Accordingly, the H2O2 production plant is planned to be located in the Phu My I Industrial Zone, Bà Rịa – Vũng Tàu Province, with an estimated total investment of around 870 billion VND, and a designed capacity of 40,000 tons of H2O2 per year. The plant will also utilize a portion of the hydrogen gas from the Phu My Urea Plant.

With collaboration in this Project, PVFCCo will have the opportunity to expand its production and chemical business by utilizing products from the urea production process and existing infrastructure at the Phu My Urea Plant. Simultaneously, PVChem will have the opportunity to develop projects related to chemicals and petrochemicals, expand production and business activities, and enhance its position in the domestic and international chemical supply market.

In parallel with the negotiation and signing of the business cooperation contract, the two parties have collaborated to carry out the Front-End Engineering Design (FS) phase of the project, and are soon to transition to the EPC bidding phase. With the signing of this business cooperation contract, both parties anticipate accelerating the project implementation progress to promptly deliver H2O2 products to the market.

It can be seen that the construction project of the Hydrogen Peroxide Production Plant has marked a developmental step in PetroVietnam’s deepening strategy for the petroleum chemical industry. It is hoped that the project will be swiftly completed, and the plant will be operational soon, contributing to diversifying the chemical product portfolio of the Vietnam Oil and Gas Group.

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