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Adjusting Charter of Petrovietnam

Adjusting Charter of Petrovietnam - 

The Vietnamese government has issued the Decree No. 07/2018 NĐ-CP on adjusting the Charter of Petrovietnam (PVN). In this Decree, the government makes clear the operational objectives of PVN on exploiting, effectively using petroleum resources of the country, as well as the organizational, managerial and operational structures of the Member Council, Control Board, General and Deputy General Directors, Chief Countant, Internal control part  and the Assisting Apparatus.

The charter stipulates, PVN is a group of companies that operates in form of “parent company – subsidiary”, having no legal status, long-term, close relationship with each other in term of economic benefits, technologies, market and other business services. The group includes the parent company – PVN, and its member and associated enterprises.

PVN and its subsidiaries have the legal status, own capital and assets, the right to possess and dispose of their assets in accordance with the laws and agreements between enterprises in the group.

The objectives of PVN are:

1. Exploring and exploiting oil and gas

2. Developing gas industry

3. Developing electricity industry

4. Processing, storage and distribution of oil and gas products

5. Making oil and gas services for oil and gá exploration and exploitation, petrochemical refinery development, gas product deep processing…

The charter capital of PVN at present is 281.500 billion VND.

The member council of PVN including no more than 07 members is the representative of the direct state owner in PVN, PVN’ subsidiaries with 100% of the charter capital from PVN and for the capital contribution part of PVN in other enterprises.

The PVN member council including no more than 07 members, working in full time basis (except the member council member cum General Director) with a tẻm of 05 years.

The Chairman of the Member Council is appointed, re-appointed, dismissed, transferred, circulated, rewarded, disciplined, dismissed and retired by a decision of the Prime Minister according to proposal of Ministry of Industry and Trade and appraisal of Ministry of Internal Affairs.

The Chairman of the Member Council must have at least 03 year experience of managing an enterprise with the main business of PVN. The Chairman of the Member Council is not cum General Director.

The members of the Member Council are appointed by the Ministry of Industry and Trade. Members of Member Council could be appointed for no more than two terms.

VietnamEnergy.vn

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