PVOIL and MoMo work together for cashless payment of petrol in VN

LG Chem enjoys surplus in Q3 from battery biz

LG CHEM, South Korea’s leading lithium-ion battery maker, obtained the first quarterly surplus from its battery unit this year, despite a series of fires involving the firm’s energy storage systems, the company said on Friday.

Of the total of 380.3 billion won ($325 million) in operating profit for the July to September period, the company’s battery unit reported a 71.2 billion won operating profit, representing a swing back into surplus territory for the first time this year after posting a deficit for the past two quarters.

The company’s overa ll operating profit for the third quarter showed a 42.2 per cent jump quarter-on-quarter, owing to t he batter y business’ improved performance.

Most of the third quarter’s profit was the result of ESS sales in foreign markets, the company said during a conference call.

“While the company’s ESS sales are close to zero in the domestic market, the overseas sales will grow 50 per cent this year compared to last year, and will increase further by 30 to 40 per cent next year,” a company executive said.

Regarding the electric vehicle battery business, the company announced plans to increase its production capacity to 70GWh hours by the end of the year, and to 100GWh by next year.

“The ramp up will take place mainly in Poland and China next year,” the executive said.

The petrochemical and energy affiliate of LG Group said it posted a total of 7.35 in sales, up 2.4 per cent from the previous quarter.

The petrochemical unit posted 3.96 trillion won in sales and 321.2 billion won in operating profit. The advanced material unit recorded 1.22 trillion won in sales and 32.8 billion won in operating profit.

DRIVERS in Vietnam will be able to buy products from PetroVietnam Oil Corporation (PVOIL) using their mobile with the e-wallet service provider MoMo from November 1.

Targeting a doubling of cashless payments over the next six months, PVOIL last week signed a strategic cooperation with MoMo to provide a new payment solution for PVOIL customers and also in line with a government resolution promoting cashless payments for public services.

Accordingly, from Sunday customers in Hanoi and Ho Chi Minh City can pay for oil and gasoline at PVOIL and Comeco petrol stations through the MoMo app. Then the payment will be applied nationwide on November 1.

The partnership is aimed at boosting cashless payments in line with the Government’s Resolution 02, dated January 1, 2019, to promote noncash payments for public services.

“Currently, PVOIL sells some 5,000 cubic metres of fuel per month with noncash payments by scanning QR codes,” said PVOIL directorgeneral Cao Hoai Duong. He expects the figure to increase to 10,000 cubic metres in the next six months thanks to the rising number of customers opting to make payments with the MoMo app.

In February last year, PVOIL launched the PVOIL Easy programme, offering firms the noncash payment method at its petrol stations, using the QR Code scanning system. Some 80 per cent of PVOIL’s corporate customers have switched to the easy noncash payment method.

As one of Vietnam’s leading fuel traders, PVOil runs over 3,000 petrol stations nationwide, accounting for 20 per cent of the market.

With the cooperation, customers who use MoMo ewallet to pay for petrol and oil at PVOIL and Comeco petrol stations nationwide will receive a 50 per cent refund – not exceeding 30,000 dong ($1.29), equivalent to about 1.5 litres of petrol.

To pay with MoMo e-wallet, customers use the function “Scan code” and scan QR Code provided by the staff of PVOIL and Comeco.