Petrolimex and GEAPP cooperate to promote energy transition plan

On August 12, 2024, Vietnam National Petroleum Group ( Petrolimex Group - stock code: PLX) and the Global Energy Alliance for People and the Planet (GEAPP) held a signing ceremony for a technical assistance cooperation program to promote Petrolimex's energy transition plan.

*Ms. Sunita Dubey and Petrolimex Deputy General Director Nguyen Ngoc Tu signed a technical support letter to promote the energy transition plan between GEAPP and Petrolimex.*

Attending the signing ceremony, on behalf of GEAPP, there were Ms. Sunita Dubey - Chief Representative in Vietnam; Ms. Nguyen Thi Thanh Minh - National Coordinating Director, GEAPP Vietnam; Mr. Nguyen Tuan Anh - Executive Director of RCEE-NIRAS, Technical Advisor of GEAPP Vietnam and experts in the field of energy, climate and sustainable development of GEAPP.

Member of the Board of Directors - General Director of Petrolimex Dao Nam Hai chaired the reception and worked with the GEAPP delegation. Also welcoming and working with the delegation were Deputy General Director of Petrolimex Nguyen Ngoc Tu; Head of Research and Development Department Nguyen Manh Ha; Head of Investment Strategy Department Do Giang; Head of Communications and Public Relations Department Do Quoc Chinh; Chief of Office of the Group Nguyen Anh Hoang and a number of officers from specialized departments.

Petrolimex and GEAPP agreed on the contents of coordination to be implemented from now until May 2025, including: Supporting the development of an initial plan for Petrolimex's energy transition, sharing information on international trends, available technologies/best practices and case studies; Supporting pre-feasibility studies for combined solutions (renewable energy, battery storage systems) to build electric vehicle infrastructure; Supporting technical training and capacity building; Participating and contributing to workshops and seminars.

*Member of Board of Directors - General Director of Petrolimex Dao Nam Hai spoke at the signing ceremony*

Speaking at the meeting, Member of the Board of Directors - General Director of Petrolimex Dao Nam Hai said that Petrolimex is fully aware of its responsibility to reduce carbon emissions. Petrolimex aims to be carbon neutral in scope 1 & 2 by 2026. To achieve this goal, the Group is urgently developing an action program with synchronous and comprehensive solutions to reduce greenhouse gas emissions in production and business activities from the Parent Company to its member units.

In July 2024, the Group officially reported on greenhouse gas inventory and is implementing rooftop solar power projects, researching measures to reduce emissions at high carbon emission points in production and business activities such as the ocean-going fleet and tanker fleet.

In addition, with the desire to create a faster change in the roadmap to reduce greenhouse gas emissions, Petrolimex is adding solutions to plant forests and equip water filters for disadvantaged communities in many areas in Vietnam. These are solutions that can be tested and audited to accumulate carbon credits.

In Vietnam, reducing greenhouse gas emissions, neutralizing carbon, and moving towards Net Zero is still a new field, so Petrolimex hopes to receive cooperation and support from GEAPP, an international organization with a lot of practical experience and a vision to help businesses in Vietnam reduce emissions. Petrolimex expects GEAPP to advise and support the Group in determining specific goals, creating effective action plans, and building a realistic energy transition roadmap.

Ms. Sunita Dubey, GEAPP Chief Representative in Vietnam, highly appreciated Petrolimex's efforts in the energy transition process. State-owned enterprises in the energy sector of Vietnam are facing many challenges in enhancing their competitiveness and positioning their key products. Barriers include the growing demands of international investors and national commitments on emission reduction, the high costs of the energy transition and meeting environmental and social requirements. In the current context, energy transition planning is necessary and needs to be integrated into the development strategies of enterprises. Support from GEAPP can help address these barriers by providing technical assistance such as prospective technologies, setting emission reduction targets, and providing technical training and special support.

*Ms. Sunita Dubey, Chief Representative of GEAPP in Vietnam, spoke at the signing ceremony.*

Energy transition is an inevitable and irreversible trend, however, this is a long-term process, requiring feasibility assessments and appropriateness to Vietnam's infrastructure and social conditions. Petrolimex hopes to understand correctly to avoid falling into a state of apathy and inaction due to lack of understanding. At the same time, avoid being too fearful and too radical, focusing resources on costly, unnecessary and unfeasible activities. The Group will make good use of GEAPP's support and transform this cooperation opportunity into concrete results in the energy transition process in the coming time.