PTSC engineers work at the Gallaf project (Photo: nangluongvietnam.vn)
Hanoi, (VNA) – The Board of Directors of the PetroVietnam Technical Services Corporation (PTSC) has issued a decision on the establishment of a branch in the Middle East.
Under Decision No.322/QD-PTSC-HDQT, the branch will operate under the business name of PTSC Middle East.
The PTSC Board of Directors assigned the PTSC Director General to approve the working rules, organizational structure, and personnel of PTSC Middle East.
In the first six months of 2022, PTSC has accelerated production and business activities, and at the same time sent machinery and equipment abroad to carry out signed contracts. Besides, the pace of work at construction sites and projects has also been sped up to catch up with schedule after a hiatus caused by the COVID-19 pandemic.
The corporation reported consolidated turnover for the first half of the year at 6.6 trillion VND (282 million USD at current exchange rate), an increase of 13% from the same period last year. However, aggregate profit reached 380 billion VND, down 9% year on year.
In the remaining months of 2022, PTSC will focus its resources on developing new products and services to optimize its advantages in scale and multi-service. At the same time, the corporation will continue to ensure its core services and conduct research into off-shore renewable energy projects. It will also seek opportunities to join renewable energy projects based on its capacity and experience.
In addition, PTSC will invest in infrastructure development for new services, mostly in the central provinces of Thanh Hoa and Quang Ngai, and the southern province of Ba Ria-Vung Tau.
The corporation is aiming for 10 trillion VND in consolidated revenues, 610 billion VND in pre-tax profit. It also expects to pay 460 billion VND into the State coffer.
According to the corporation’s website, PTSC was established on the implementation of Decision No. 458/TTg dated 24 November 1976 approving a master plan to build a petroleum base in Vung Tau city, the southern province of Ba Ria-Vung Tau.
Over the past 46 years from its inception, PTSC has become a leading corporation in providing diversified technical services for petroleum, energy and other industries in Vietnam and the region.
PTSC's core businesses are to provide technical services for oil & gas, energy and industrial sectors including high technical solution, high quality and professional approaching international standard such as: EPCIC for offhore facilities; EPC for industrial plants; FSO/FPSO; Offhsore supply vessels; Geological survey; Installation, operation and maintenance of offshore facilities; Port & Supply Base and Technical manpower supply./.
