PetroVietnam Launches Vietnam Oil Corp
State-owned oil monopoly PetroVietnam group has recently decided to merge two of its affiliates into a company so-called Vietnam Oil Corporation (PV Oil), the Labor newspaper reported June 13, citing the group's sources.
PV Oil that comprises PetroVietnam Trading Company (Petechim) and PetroVietnam Oil Processing and Distribution Company (PDC) will operate under shareholding company form.
The newly-formed company with a chartered capital of VND1.6 trillion (US$100 million) will have obligations and rights of Petechim and PDC, and undertake capital, technology and trademark investment, trading and production.
PV Oil will import and export crude oil and petroleum, devices, equipment and commercial services; produce oil products; and lease petroleum basins and storehouses.
PetroVietnam targets to tap 16 million tons of crude oil and 7.5 billion cubic meters of gas this year. (Labor)
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