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.

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 and power industries, and high-quality oil and gas services.

As outlined in the project, PVN continues holding its full charter capital in the PetroVietnam Exploration Production Corporation.

The group will maintain its existing stakes in the PetroVietnam Drilling and Well Services 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.

In 2012-2015, PVN will equitise the Binh Son Petrochemical Refinery company, the PetroVietnam Ca Mau Fertiliser company and the Dung Quat shipbuilding industry company.

At the same time, the group will divest its capital in the Lai Vu Industrial Park company, Dai Duong Commercial Joint Stock Bank, Dong Duong Xanh Development company, and PetroVietnam Trade Union Finance Investment company.

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