NTP agrees to supply fuel for Laos-China railway
NTP agrees to supply fuel for Laos-China railway
Nationwide Trading Petroleum Public Company (NTP) has agreed to supply fuel to the Laos-China Rail Construction Project’s sixth section from Phonhong district, Vientiane province, to Vientiane.
A contract was signed in Vientiane last week between NTP CEO, Mr Chindasack Nhotmanhkhong, and China Railway No. 2 Engineering Group Co., Ltd. (CREC) Managing Senior Engineer, Mr He Hong Song.
The signing ceremony was attended by President of the National Institute for Economic Reseach, Mr Bouasone Bouphavanh, government officials from the ministries of Public Works and Transport, Planning and Investment, Industry and Commerce, and Finance along with the company’s representatives.
The project was one of many which highlighted the company’s development, improving business operations and its capacity to do business both domestically and on the international stage, NTP Director General, Mr Leuam Nhongvongsithi, said at the ceremony.
“Supplying fuel to this project is an important way to participate in developing communications and transportation as well as contributing to socio-economic development,” he commented.
The demand for fuel over the five year period of the Laos-China Rail Construction Project from the Chinese border at Boten to Vientiane is estimated at about 250 million litres, averaging around 50 million litres a year.
For the sixth section from Phonhong district, Vientiane province, to Vientiane it would be about 14.4 million litres or around 2.88 million litres a year, Mr Leuam said.
NTP was established under the Law on Enterprises of Laos in 2015 with its main objectives to import and wholesale fuel and lubricants, supply technical equipment for fuel sales within the country and overseas, and facilitate exports and border trading in fuel.
The company also aimed to increase the capabilities of Lao business operators to boost service levels in the competitive Asean Economic Community era, Mr Leuam said.
He promised the company would continue to develop to become one of the region’s leading petroleum service companies, changing from NTP to RTP in the near future.
Since beginning operations, the company has signed contracts to supply 200 million litres of fuel to projects around the country, he added.
Meanwhile, China Railway No. 2 Engineering Group Co., Ltd. (CREC) was very grateful to be joining in business with NTP, Mr He Hong Song said.
He strongly believed that cooperation between the companies would help the project progress smoothly and finish according to plan.
