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Petrovietnam and Massachusetts Institute of Technology share experiences on hydrogen value chain and energy transition

(PetroTimes) - On 14th October, at Petrovietnam’s headquarters, President and CEO Le Manh Hung had a meeting with Mr. Changjie Gou, Director of the Industrial Liaison Program (ILP) of the Massachusetts Institute of Technology (MIT) on energy transition and net zero emissions target.

Attending the meeting were Petrovietnam Vice President Pham Tien Dzung; Director of Vietnam Petroleum Institute Nguyen Anh Duc; and leaders of the Group’s Divisions. 

Overview of the meeting

At the meeting, Mr. Changjie Gou, ILP Director introduced MIT’s activities to the Group’s leaders. On average, MIT has about 300 patents and 25 startups annually. The total revenue of businesses originating from MIT is up to US$ 2,000 billion/year. 

Mr. Changjie Gou, Director of Industrial Liaison Program (ILP)

Mr. Changjie Gou also introduced the Industrial Liaison Program for connecting global businesses so that the businesses can stay up to date with the latest technology trends in the world and order problems to be solved by technology. 

Petrovietnam President and CEO Le Manh Hung

Petrovietnam President and CEO Le Manh Hung and Mr. Changjie Gou exchanged views on the energy transition trend, especially shared experiences on the hydrogen value chain. The NZE scenario roadmap to 2030 is based on the following pillars: Energy Efficiency, Renewable Energy and Electrification. After 2030, world energy will rely on bioenergy, hydrogen and hydrogen-based fuels. 

Vietnam’s national energy development strategy to 2030, with a vision to 2045 emphasizes the focus on developing renewable and new energy; targets to 2030 to reduce energy sector emissions by 5.5% and 16.7% (international support); especially Vietnam’s net zero emissions commitment by 2050 at COP26.

In addition, Vietnam’s mechanisms, policies and commitments on climate change mitigation, green and clean energy development, and sustainable development are increasingly approaching the general trend of the world. Therefore, the demand for fossil fuels and fossil fuel products (gasoline, oil, gas and coal) will decrease after 2030. 

The Group has developed a strategy to 2030, vision to 2045, in which the trend of energy transition is inevitable. In such a context, the Group must focus more on renewable energy, in which, offshore wind power development is one of Petrovietnam’s main development focuses to take advantage of the long coastline and available facilities of Petrovietnam and its subsidiaries. 

President and CEO Le Manh Hung highly appreciated the issues raised by MIT capable of solving Petrovietnam’s current challenges and predicted future needs according to the trend of energy transition and green energy programs. 

Petrovietnam President and CEO Le Manh Hung presented souvenirs to Mr. Changjie Gou, Director of Industrial Liaison Program (ILP)

In the coming time, the leaders of the two sides will continue to discuss training contents in the energy sector, and consider Petrovietnam’s participation in MIT’s Industrial Liaison Program to update and forecast technology trends to support the Group's development in the new situation.