The Vietnam International Oil and Gas Exhibition 2024 came to a successful conclusion

Recently, the high-profile Vietnam International Oil and Gas Exhibition (OGAV) 2024 came to a successful end in Vietnam. As the only professional oil and gas exhibition in Vietnam, this exhibition brings together the world's oil and gas companies and their supporting industries to jointly demonstrate the latest industry development achievements and cutting-edge technologies. Our company participated in this event as a valve exhibitor.

As the third largest oil-producing country in Asia and an important importer of refined oil products in the Asia-Pacific region, Vietnam's oil and gas market has shown a booming trend in recent years. Since 2011, Vietnam's oil demand has exceeded production and is expected to continue to grow at a high rate in the next few years. According to market analysis, Vietnam's oil consumption is expected to increase by 101% between 2007 and 2018, and even if the average annual growth rate slows to 6%, the country's oil consumption will reach a staggering 30 million tons by 2018. At the same time, Vietnam also shows strong growth potential in natural gas production, which is expected to increase from 7.7 billion cubic meters in 2007 to 25 billion cubic meters in 2018.

Faced with the huge business opportunities brought by this emerging market, the Vietnamese government and enterprises have increased investment efforts to promote the further development of the oil and gas industry. Among them, the "2023-2025 Development Plan" issued by the Ministry of Trade and Industry of Vietnam clearly proposes that it plans to expand the refining capacity to 25-30 million tons in 2023 and strive to reach the ambitious goal of 60 million tons/year by 2025. In addition, Thai National Oil Company (PTT) also announced that it will build a new refinery with a processing capacity of 33 million tons/year (660,000 barrels/day) in the Nhon Hoi Economic Development Zone in Binh Dinh province, coastal Vietnam, the total investment of the project is up to 28.7 billion US dollars, is expected to start construction in 2016, and completed in 2019.

In this context, our company brought the exhibition of double-channel reversing valve, regulating valve, ball valve, and double eccentric butterfly valve four main products. These products not only feature high efficiency, stability, and safety but also incorporate advanced concepts such as intelligence and environmental protection to meet the growing demand for oil and gas equipment in Vietnam and the entire Asian region. Through the exhibition and exchanges, our company has laid a solid foundation for the development of Vietnam and surrounding markets. In the future, we will continue to adhere to the innovation-driven development strategy, and continue to introduce more quality products and services to help the sustainable development of the global oil and gas industry.