Business

Oil and gas group restructured for better operation

The Vietnam National Oil and Gas Group (PVN) will focus on oil and gas survey, exploration and production as its core business line in the 2012-2015 period.
The Vietnam National Oil and Gas Group (PVN) will focus on oil and gassurvey, exploration and production as its core business line in the2012-2015 period.
It was requested by the Prime Minister when he approved the group’s restructuring project.

Besides,the group will also be engaged in oil refinery, petrochemical, gas andpower industries, and high-quality oil and gas services.

Asoutlined in the project, PVN continues holding its full charter capitalin the PetroVietnam Exploration Production Corporation.

The groupwill maintain its existing stakes in the PetroVietnam Drilling and WellServices Corporation, the PetroVietnam Technical Services Corporation,the Vietsovpetro joint-venture, the RusvietPetro joint-venture company,the Gaspromviet company, the Nghi Son Petrochemical Refinery company,and the Long Son Petrochemical company.

In2012-2015, PVN will equitise the Binh Son Petrochemical Refinerycompany, the PetroVietnam Ca Mau Fertiliser company and the Dung Quatshipbuilding industry company.

At the same time, the group willdivest its capital in the Lai Vu Industrial Park company, Dai DuongCommercial Joint Stock Bank, Dong Duong Xanh Development company, andPetroVietnam Trade Union Finance Investment company.

After 2015, it will privatise the PetroVietnam Oil Corporation and thePetroVietnam Power Corporation, continue to divest its capital in thePetroVietnam Services Corporation and sell existing assets in otherenterprises.-VNA
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