PetroVietnam Sets up Taskforce to Inspect Its Affiliates' Operations

State-owned oil monopoly PetroVietnam group has recently decided to set up a working group to inspect management of 30 subordinates in May this year, the Labor newspaper reported May 29, citing PetroVietnam sources.

 

The taskforce will check capital use of its affiliates that invested in joint stock companies, newly-established firms and other financial activities; review purchase and use of equipment and autos; and inspect salary and allowance payment for staff, the paper said.

 

PetroVietnam has planned to save VND700 billion (US$43.75 million) this year, of which, VND550 billion (US$34.37 million) will be saved from adjusting technical norms on fuel consumption, labor, wage and machine use; and the rest from reducing 10 per cent of management costs (equivalent to VND150 billion) in line with the prime minister’s request.

 

The group has also committed to stabilizing gas and fertilizer prices in a bid to help rein in inflation. (Labor)