The State-owned Vietnam Oil and Gas Group (PetroVietnam or PVN) has drafted a plan for a comprehensive restructuring until 2025, under which it will continue with large-scale divestment from all of its member corporations and companies. A view of oil field Bach Ho which is jointly operated by Vietsovpetro and PVN - Photo: VNA Accordingly, the group will only keep more than 50 percent of stakes at three members, and reduce its stakes in the remaining ones to less than 50 percent or even sell out. Theo VNA … [Read more...] about PetroVietnam to continue with large scale divestment
Petrovietnam
Fallen PetroVietnam chief appeals jail sentence in million-dollar graft case
The former head of oil giant PetroVietnam has filed an appeal against the 18-year sentence he received for mismanagement last month. Dinh La Thang, a former rising political star, has asked the court to review the charge as well as his jail sentence. At a ten-day trial that concluded on March 29 in Hanoi, Thang and six other former PetroVietnam officials were found guilty of illegally plowing ahead with a 20 percent stake purchase in Ocean Bank in 2008 despite being aware of its “poor capacity.” The stake, worth VND800 billion ($35 million), was then completely written off when the central bank took over OceanBank in 2015. The court ruled that Thang and his accomplices were reponsible for the losses. Thang was ordered to return 75 percent of the lost investment, and the other six defendants were held accountable for the rest. In his appeal letter, Thang claimed the court had failed to take into consideration that his decision to invest in OceanBank was only made … [Read more...] about Fallen PetroVietnam chief appeals jail sentence in million-dollar graft case
Despite instability, PetroVietnam closes successful first quarter
Vietnam's oil and gas group PetroVietnam has paid VND23.8 trillion (nearly $1.1 billion) in taxes, surpassing the first quarter target by 30 per cent. PetroVietnam entered 2018 with negative forecasts for oil and gas activities, including unpredictable crude oil prices which will affect the production and business activities of the group. PetroVietnam has actually managed to contribute more to the state budget than it initially planned Moreover, PetroVietnam's key products face fierce competition from imported products, while many obstacles in terms of mechanisms and policies have not been resolved in time. In addition, the output from key fields in 2018 is forecasted to be unpredictable, while smaller fields are in areas that are difficult to explore. The group's statement said that all of the above disadvantages will greatly affect the oil exploitation target throughout 2018. However, overcoming these difficulties and challenges, PetroVietnam has reached its production and … [Read more...] about Despite instability, PetroVietnam closes successful first quarter
PetroVietnam’s Q1 budget contribution exceeds target
Illustrative image (Source: PetroVietnam) Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) contributed 23.8 trillion VND (1.04 billion USD) to the State budget in the first quarter of this year, representing a year on year rise of 12 percent and exceeding the quarterly plan by 30 percent. Total oil production of the firm in the period was 6.34 million tonnes, exceeding the plan by 4.5 percent. The group also generated 5.72 billion kWh of power, 431,200 tonnes of nitrogen, and 1.69 million of petrol. At the same time, its financial targets were completed, with total revenue of 136.3 trillion VND (5.99 billion USD), surpassing its plan by 12 percent and posting a rise of 15 percent year on year. However, the firm is likely to face many difficulties in fulfilling the goals set for 2018 as the crude oil price in the world has fluctuated unexpectedly, affecting its business. Meanwhile, PetroVietnam’s major products are coping with fierce competition … [Read more...] about PetroVietnam’s Q1 budget contribution exceeds target
PetroVietnam beats Q1 business targets
Viet Nam News HÀ NỘI – Việt Nam National Oil and Gas Group (PetroVietnam) reported better-than-expected business results in the first quarter but is expecting more challenges towards the end of the year. The group earned VNĐ136.3 trillion (roughly US$6 billion) in revenue in the last three months, a rise of 12 per cent over the target set for the first quarter and up 15 per cent year on year. Its contribution to the State budget reached VNĐ23.8 trillion, surpassing the target by 30 per cent, and up 12 per cent over the same period last year. Oil and gas production exceeded the plan by 4.5 per cent, totalling 6.34 million tonnes of oil equivalent. The production of electricity, fertilisers and petroleum also beat expectations by 5 per cent to 9 per cent. The group’s power companies supplied 5.72 billion kWh to the national power grid in the first quarter, up 8.1 per cent over the plan. The fertiliser production output was 431,200 tonnes, up … [Read more...] about PetroVietnam beats Q1 business targets