National Oil and Gas Group (PetroVietnam) has sold the remaining 29 per cent stake in Long Son Petrochemicals project to Thailand-based Siam Cement Group at price of VND2,052 billion or equivalent to $90.3 million.
Nghi Son refinery, Vietnam’s second oil refinery, is ready for commercial start-up from February 28, according to the latest announcement released by the Vietnam National Oil and Gas Group (PetroVietnam).
The equitization plan of three subsidiaries of Vietnam Oil and Gas Group (PetroVietnam), namely Binh Son Refining and Petrochemical Company Limited (BSR), PetroVietnam Oil Corporation (PVOil) and Electricity Corporation Vietnam Petroleum (PV Power), has been approved.
Spanish-based energy company Repsol (Repsol), which has mineral rights to seven oil blocks on the continental shelf of Vietnam, is looking to expand its investment in oil and gas industry in Vietnam.
Viettel tops the list while Samsung Electronics Vietnam and Vietnam National Oil and Gas Group (PetroVietnam) rank second and third, respectively, according to the list of 500 most profitable companies in Vietnam in 2017, briefly called Profit500 list just announced.
Leadership of Vietsovpetro - a joint Russian-Vietnamese enterprise for oil and gas exploration, ranked 8th largest company in VNR500 ranking has declined to receive bribe money and an accusation of its involvement in the illegal embezzlement of Oceanbank which is undergoing a hearing.
The Investigation Police Agency (IPA) under the Ministry of Public Security is conducting the further investigation (phase II) of the case of Ha Van Tham, former Chairman of OceanBank and accessory and a number of high-profile staff of the Vietnam Oil and Gas Group (PVN) have been prosecuted.
An inappropriate anticipation of the market context has become the main reason that the national oil and gas group PetroVietnam may have to face a payoff.
A number of bosses in the oil & gas sector have been charged by law enforcement agencies for unprofitable multi-trillion projects.
The trade ministry plans to increase oil and gas revenues by 8-10 percent this year.
