Increase regulation capital to balance investment for projects of PetroVietnam (PVN)

Increase regulation capital to balance investment for projects of PetroVietnam (PVN) - 

The Prime Minister has approved to increase the regulation capital of PVN to balance investment capital for its projects in 2011 – 2015 period, according to that, the regulation capital of PVN on December, 31st 2015 expected as a VND 31,400 billion obtained from the sources: Investment and Development Fund; Financial Provision Fund; oil and gas profit of the host and the trivial things left in Corporation by the regulations; Enterprise Arrangement in Corporation; the other capitals of the owner and after-tax profit distribution source of  the Corporation, according to the regulations of the  laws.

Prime Minister assigned PVN with a responsibility to manage, utilize regulation capital effectively; secure and develop the capital by the regulations of the laws.

In the Decree number: 149/2013/NĐ-CP, October 31st,2013 of Prime Minister, PVN's registration capital at the time of transforming into One member limited Company is 177,628,383,625,944VND

The Decree regulates, PVN must be responsible: to secure and develop the capital of the state investment and the capital mobilized by itself, of the debts and other duty assets in the scope of PVN's assets, periodically review itself assets by the regulations of the laws.

The targets of PVN's activities are:

Undertaking business with a benefit, securing and developing the State own capital in PVN and the investment capital of PVN in other enterprises; performing the other tasks assigned by State owner; maximizing efficiency of the activities of the Corporation.

Developing PVN into an economic corporation with a standard of modern technologies, management and high specialization, in which it is focusing on the five fields of production and business as: petroleum exploration and exploitation, oil refinery and petrochemical, gas industry, electricity industry and high-quality petroleum services; among which, the petroleum exploration and exploitation are the main business fields.

Close connecting production and business with science, technologies and manpower training. Stimulating many economic constituents to participate in activities for sustainable development of Petroleum industry so that it should be capable to compete and integrate into international economy effectively and to ensure the energy security for sustainable development of the country.

The main business field of PVN is researching, exploring, exploiting, transporting, processing, storing petroleum, coal gasification; carrying out domestic and foreign petroleum services, business and distribution of petroleum products, production and business of oil refinery and petrochemical products, consulting service for transferring technologies in producing and processing oil refinery and petrochemical products.

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