Vietnam’s PV OIL holds 20 percent of petroleum retail in Laos hinh anh 1A PV Oil warehouse in Ho Chi Minh City (Photo: VNA)

Hanoi (VNA) – Vietnam’s PetroVietnam Oil Corporation (PV OIL), is running profitably in Laos, earning an average revenue of over 100 million USD and contributing over 20 million USD to the host country's budget a year.

According to Nguyen Kim Son, Director of PV OIL Laos, the company made its presence in 16 out of Laos’s 18 provinces that allowed it to account for 20 percent of petroleum retail share and become the second largest petroleum retailer in Laos.

From an initial investment of 4 million USD, the company gained a profit of 12 million USD a year after seven years of operation. It is providing jobs for around 2,000 Lao people at its petrol stations nationwide.

PV OIL Laos officially operated from December 1, 2010, on the foundation of Laos’s retail unit of Royal Dutch Shell.

Its initial 70 petrol stations have so far been increased to 104 across Laos.-VNA