PVOIL and VPI sign contract on battery development and electric car charging stations

The energy transition trend has been emmerging and become more popular in the world. Several types of electric vehicles have been produced and sold to the market.

The energy shift is expected to directly affect the business operation of PVOIL, one of the largest petroleum retailers in Vietnam. Therefore, PVOIL plans to take advantage of its existing infrastructure, a system of more than 600 petrol stations across the country. It is also applying the 4.0 technology in business activities to catch up with the electric car development trend.

Stemming from the needs of PVOIL and the research capacity of the Vietnam Petroleum Institute (VPI), the two units agreed to cooperate in studying on batteries and charging stations for electric cars.

On that basis, on April 17th, 2021, in Ho Chi Minh City, PVOIL and VPI signed the contract for consulting services on research on batteries and charging stations for electric cars. PVOIL President & CEO Doan Van Nhuom and Mr. Nguyen Anh Duc, Director of VPI performed the signing ceremony with the presence of Mr. Cao Hoai Duong - Chairman of PVOIL’s Board of Management, leaders of the two units and the guests.

Speaking at the ceremony, Mr. Nguyen Anh Duc cited a survey result as saying up to 33% of consumers in Vietnam are interested in buying electric vehicles. The remaining issue is price, charging technology and battery lifespan. The trend of energy transition is inevitable and it is happening very strongly globally. The corporation should have good preparation to take advantage from the trend. As a research unit within PetroVietnam, VPI can cooperate with PVOIL in monitoring market indicators, regularly updates that help PVOIL leaders to make right decisions and stay prepared to deal with risks.

PVOIL’s Chairman Cao Hoai Duong emphasized that, in the energy transition trend, PVOIL sees it will be directly affected, so it is proactively responding to minimize negative impacts and take advantage from the trend. Three years ago, PVOIL was interested in the development of electric vehicles and the possibility of electric cars replacing gasoline cars and build possible scenarios. PVOIL hopes that, the cooperation with VPI and its experienced experts in the energy sector will assist the petroleum retailer in researching issues related to technology, development trends of batteries and charging station for PVOIL to have more information in its strategic planning./.

PVOIL President & CEO Doan Van Nhuom (right) and Mr. Nguyen Anh Duc - Director of VPI (left) perform the signing ceremony in front of the leaders of the two units.

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