Transformation Act
- Home
- Transformation Act
Transformation Act
Growing impact of climate change and issues surrounding health and wellbeing, economic gaps, social justice and corporate governance have become catalyst in adopting Environment, Social and Governance (ESG) aspects in the corporate world.
In 2022, the FSM Government passed the Transformation Act (“Act”) providing a clear and unequivocal signal to the Vital Group to utilize its human capital, financial strength and structured business processes to transform itself from a conventional fuel supplier into a renewable energy corporation, contributing to a cleaner, greener, low-cost energy economy.
This objective is supported by our current initiative to obtain Green Climate Fund accreditation as well.
With the Act, the right support and resourcing, we envisage transformation of our national petroleum corporation – and inherently our economy – from fossil fuel dependency to renewable energy sufficiency, capitalizing on competitive energy sources that are environmentally sustainable in the next 10 – 15 years.
Our planned projects and initiatives of adopting cleaner energy has salient features of SDG 7 “Affordable and Clean Energy” targets and indicators.
With the Act in place, the Government also promotes and supports the power of collaboration and partnership. This Act clearly does not compete with current State action plans, or policies or projects. It simply provides our development partners, foreign direct investors, and each State with an alternate modality for the flow of funds, transfer of technology, sharing of risks, and ultimately benefits to the people in each State. It also aligns FSM’s only national energy company with national commitments that have been made.
Welcome to Vital Group
The Vital Group, also known as “Vital” or “FSM PetroCorp,” is one of the most recognized corporations in Micronesia. We are here to meet the challenges faced in the region to secure access of high quality energy products and services for a growing modern island economy. The Vital Group consists of Vital FSM Petroleum Corporation (which operates in all of the FSM states) and its affiliate Vital Energy, Inc. which has operations out of Nauru and Guam.
The Vital Group is currently the largest supplier of energy lifeline products and services in the Federated States of Micronesia and Nauru. Over the past ten years, the Vital Group has become one of the most established and successful corporations in Micronesia, continuing its expansion by adopting innovative ideas and providing affordable, accessible and high quality products and services to the communities it serves.
The Vital Group owns, operates and leases a significant number of assets and infrastructure across Micronesia, and have an ongoing comprehensive Asset Rehabilitation Program across their various operating sites. Vital specializes in the management of fuel and aviation facilities, and improving them to international standards.
