President Truong Tan Sang has suggested the oil and gas sector build a stabilisation fund to map out business plans and balance incomes for employees given difficulties caused by the declining global oil prices.

He made the recommendation while visiting the Central Technology Platform No 2 under the Oil & Gas Production Enterprises (OGPE) – an affiliating unit of the Vietnam – Russia Join Venture (VietsovPetro), in southern Ba Ria-VungTau province on February 9, the second day of the traditional Lunar New Year (Tet).

The workers there are responsible for collecting, treating, and transporting oil at the Bach Ho (white tiger) field.

President Truong Tan Sang visiting workers at the Bach Ho field. Photo: vov.vn

The President described oil and gas production and exploitation as specific activities, which cover not only business but also political missions and national sovereignty safeguarding.

VietsovPetro has a crucial role in the field’s activities, he said, adding that the enterprise’s development illustrates the sound traditional cooperation between Vietnam and Russia.

The State leader extended his New Year greetings to the workers and hoped they would strengthen solidarity to overcome difficulties for the sector’s growth.

VietsovPetro Director General Tu Thanh Nghia said the joint venture strives to better its performance in 2016 – which is forecast to be a difficult year for the sector.

The group will also work to stabilise lives of workers, and make significant contributions to the socio-economic development, he added.

VietsovPetro currently counts 15 member units with 6,800 employees. In 2015, it exploited over 5.1 million tonnes of crude oil and brought ashore more than 1.4 billion cubic meters of gas. The total revenue reached over 2.19 billion USD.

* Previously, he paid Tet visit to Tay Ninh province on February 8.

At the Central Office for South Vietnam relic site in Tan Lap commune, Tan Bien district, he called for more efforts from the relic site’s staff in introducing work and activities of those who worked at the Office during the struggle for national liberation to domestic and foreign visitors.

President Truong Tan Sang watering a memorial tree outside the Vietnam Moc Bai Joint Stock Company

President Sang offered incense to late Party General Secretary Nguyen Van Linh, late Chairman of the Ministers’ Council Pham Hung, late Prime Minister Vo Van Kiet and General Nguyen Chi Thanh at the relic.

The same day, the President extended Tet greetings to staff of the Vietnam Moc Bai Joint Stock Company under the Republic of Korea’s Taekwang Group in the Moc Bai economic border gate zone in Ben Cau district.

He hailed the Group’s investment in Vietnam, suggesting Taekwang expand its investment in Tay Ninh.

A line-up of large enterprises has moved their plants to Vietnam to take advantage of preferential policies brought by the freshly-sealed Trans-Pacific Partnership (TPP), he said. Supporting industries Taekwang Group is carrying out in Tay Ninh will benefit from the pact, he added.

Source: VNA