PVI Insures Largest Projects in Vietnam

In recent years, Dung Quat oil refinery is always the top concern of the Party, the State and the entire people of Vietnam. The investment for the construction of Dung Quat refinery, the first of its kind in Vietnam, is a sound breakthrough decision of the Party and the State to ensure the energy security, reduce reliance on foreign gasoline, save a large amount of foreign currency, and accelerate the process of industrialisation and modernisation. Once operational, the facility, with an annual processing capacity of 6.5 million tonnes per year, will meet about 30 percent of domestic gasoline demand. This national key project plays an immense role in the socioeconomic development of the central region and particularly Quang Ngai province.

 

After trial running, the first oil refinery in Vietnam started official production May 26, 2010. The insurance for the purpose of safety is bound to happen and PVI was trusted to become the primary insurer for this period. Asset and responsibility insurance is valued US$3 billion.

 

Earlier, during the period of construction and trial run, PVI also totally insured the Dung Quat refinery, including construction and installation insurance, liability insurance, human insurance, and asset insurance. PVI successfully advised risk management and put forth measures and processes to manage and reduce risks.

Indeed, the Dung Quat refinery is the largest and most modern in terms of investment capital, equipment and technology in the country. This is an unprecedented project in Vietnam as the petrochemical sector is possessed by only industrialised countries. Technological complexity and the high probability of fire together with thousands of tonnes of equipment and thousands of people on site requires advanced risk and human management. With its utmost efforts and valuable experience accumulated throughout its history, PVI managed to perform the task in the best manner. The operating principle of PVI is always ready to face the challenge to be self-perfect to become a leading insurer in Vietnam. The success is treasured as it is built on struggles to overcome difficulties. PVI leaders also know how to inspire its staffs to have their work done successfully. With the companion of PVI, the Dung Quat refinery is ready for first commercial gasoline, oil and gas.

 

The operation of Dung Quat refinery marked an important milestone in the history of the petroleum industry, was the first foundation for the development of petrochemical industry to realise the oil and gas industry development strategy in the 2010 - 2015 period and vision to 2025, and contributed to the national energy security. Actually, the Dung Quat refinery is the crystallization of wisdom and strength of the Party and the people, is a product of reforming promoting internal strengths of our Party, and is a symbol of the Vietnamese working class in the Ho Chi Minh era.

 

Ensuring absolute safety for all activities of the Dung Quat refinery means the safety of all political activities and investments in Quang Ngai province in particular and southern central region in general. The stable, efficient and safe operation of Dung Quat refinery will be the driving force for other economic activities to thrive. Thus, the role of PVI is very important, not only in insurance coverage but also the overall social development.