PV EIC: Stepping up New Tech Application

PV EIC, formerly known as Vietnam Energy Inspection Corporation (EIC), was set up in 2008 as a member of the Vietnam National Oil and Gas Group (PetroVietnam). The corporation gathers a large contingent of senior experts in oil, gas and other industries. Powered by its expertise and diligence, PV EIC has successfully performed specialised services related to project quality supervision and management, quality control, inspection and assurance, and asset protection for PetroVietnam. Besides, it ensures health, safety and environment for all oil and gas operations covering upstream, midstream and downstream.

 

The PV EIC brand name has become familiar to oil and gas investors, operators and constructors in Vietnam. This is evidenced by the presence of PV EIC professionals and specialists in most oil and gas projects, particularly important ones of PetroVietnam like Dung Quat refinery, Vietsovpetro offshore projects, thermal power plants, nitrogenous fertiliser plants, biofuel production facilities, and petroleum and LPG depots. Compliance to quality, health, safety and environment policies is required for all services provided by PV EIC. Innovative and dynamic solutions are directly managed and operated by PV EIC professionals to ensure timely response to customers’ requirements. Long-term, friendly cooperation with capable partners aims to create value-added services and solutions as well as optimise customer services.

 

In 2010, the Board of Directors directed the successful corporate restructuring into a corporation, which generated scale and resource breakthroughs to secure a new position in the oil and gas industry and the national economy. After the restructuring, PV EIC’s registered capital increased from VND60 billion to VND500 billion and it had five branches and 15 member companies, including wholly owned subsidiaries, four affiliates and nine joint ventures and associates. Besides, the Board of Directors directed the development of new business fields like providing technology solutions in association with chemical products and synchronous equipment; providing oil and gas work maintenance services; and investing in oil and gas equipment to replace imports. In 2010, PV EIC raked in VND267.59 billion of revenues, earned VND21.47 billion of profit before tax, and paid VND11.45 billion to the State Budget. In 2011, PV EIC strives to make VND2,861.64 billion revenue, VND198.02 billion profit before tax and pay VND49.51 billion to the State Budget.

 

Through its cooperation with global partners and its corporate network, PV EIC has focused on new technologies in a bid to supply customers with advanced solutions and complete technological equipment, specialised technical services and materials to serve project development requirements from the very early conceptual design to operation. Following the PetroVietnam energy development programme, PV EIC has set out its development targets to meet higher and more challenging requirements from customers, to make new, stronger progress in speed and growth quality, thus contributing more to the development of the oil and gas industry and the whole country.