To correct the Project for restructuring PVN in 2012-2015 period

To correct the Project for restructuring PVN in 2012-2015 period - 

The Prime Minister has promulgated a Decision on correcting and supplementing the Project “Restructuring the Vietnam National Oil and Gas Group (PVN) 2012- 2015 period".

According to the Decision, from 2015 to the end of 2017, it is to carry out transfering a part of capital contribution of PVN and conversing the Binh Son Refinery and Petrochemical Single Member Company Limited to the Two Members Company Limited with a PVN holding as 51% of the charter capital or at least as 65% in case of equitization of the company.

At the same time, it is also to make disinvestment of PVN in PetroVietnam Construction Joint Stock corporation (PVC) down to 36% of the charter capital of the PVC.

The PVN capital holdings at the PetroVietnam Transportation Corporation will be adjusted increasingly up to 51% and at the Long Son Petrochemical Company Limited (LSP) up to 29%.

PVN continues to hold 25.34% of the charter capital of the Petroleum General Services Joint Stock Corporation.

The Prime Minister also required PVN to study reorganizing all the companies in PVN for newly building and repairing floating facilities and propose an appropriate organizational model, optimizing use of resources, improving efficiency of activities and avoiding internal competition.

PVN will report to the Prime Minister in detail on the enterprises of IV degree in the Group, which need a temporary maintaining: business professions, situation of the activities and the reasons for being temporary maintained.

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