PVN Restructuring: The State of Vietnam still holds 100% shares

PVN Restructuring: The State of Vietnam still holds 100% shares - 

According to PVN restricting project, the Vision 2030, State of Vietnam still holds 100% charter capital of PVN Group and the Trade Name of the group remains Petrovietnam.

To implement the policy of restructuring the petroleum industry pursuant to Government direction, on August 11, the Ministry of Industry and Trade (MoIT) held a meeting to consider the Petroleum Industry Restructuring Project.

Petroleum industry strives to reach 33-40 million tons of equivalent oil/ year after 2015.

According to the Project, PVN still directly forms development strategy and signs the new gas purchasing contracts with the field owners, then sells it to PetroVietnam Gas Corporation (PV Gas).

Regarding the gas industry, PVN will newly establish the companies to develop the new projects when eligible, while continuing to promote participating in investment to oil and gas processing projects with the enterprises outside the PVN.

With the clue enterprises that the core remains Vietnam National Petroleum Corporation (Petrolimex), where the State still holds a 75% minimum charter capital.

The project emphasizes the permission for the private enterprises, foreign investors to invest in the oil refineries and distribute their products.

With that, PVN will study to set up a Petroleum Investment JSC abroad.

Deputy Minister of MoIT Cao Quoc Hung said, Petroleum Industry restructuring is a component of the Energy Sector restructuring in the overall Industry and Trade Business restructuring.

According to Mr. Nguyen Viet Son, Deputy General Director of General Department of Energy, Petroleum industry expects to meet about 60-70% petroleum demand, over 70% nitrogenous fertilizer demand and 50% chemical products demand taking the export possibility.

The whole Petroleum Industry strives for output of equivalent oil 33-40 million tons per year, after 2015, among that the domestic production estimates 22-33 million tons and overseas one as 3-7 million tons.

Petroleum Industry will maintain supplying 100% share of dry gas and at least 70% share of LPG for nationwide market, as well as synchronize all their exploitation and collection, transportation, import and export …

Besides, Petroleum Industry will also search for markets to import LNG since 2020 and study plans for building and connecting the pipelines between the areas in order to form the national gas pipeline system.

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