Petroleum Materials Joint Stock Company (COMECO), an affiliate of the Saigon Transport and Mechanical Engineering Corp., specialises in trading, production and services. The company has rich experience and a high reputation in the petroleum trading field. COMECO, set up 30 years ago, is always a growing enterprise, especially after it went public in 2001. The annual revenues of the company reached VND570 billion (US$35.63 million) and the average on-year growth was 18 per cent.
The COMECO trademark became popular in the 1990s. After equitisation, COMECO has secured a strong position in the petroleum trading field. From an initial 17 petrol stations, COMECO now has 30 filling stations in Ho Chi Minh City and neighbouring provinces. Most COMECO petrol stations have roomy spaces and are equipped with modern and precise measuring equipment. In addition, COMECO also supplies petroleum products for other petrol stations in Ho Chi Minh City and regional provinces and to factories, enterprises, hospitals, industrial zones and export processing zones.
With the business philosophy “For the customers we serve”, COMECO always conducts investigations into product quality and measurements at all its petrol stations although all COMECO petrol stations have installed special measurement seals and there haven’t been any violations.
All COMECO filling stations and oil warehouses are installed with firefighting equipment and lightening conductors and all staff are trained in firefighting processes and regulations. Each year, COMECO spends some VND200 million (US$12,500) on fire prevention procedures.
COMECO also specialises in import-export, electronic oil pump production and installation, transport means overhaul, civil and engineering construction, material and petroleum transportation services, office and warehouse leasing, vehicle washing services, freight and passenger transportation, chartering and domestic and international goods delivery.
With its outstanding business achievements, COMECO was awarded the third-class Labour Medal by the State Council (1992), the second-class Labour Medal by the State President (1998), the Certificate of Appreciation by the Ho Chi Minh City People’s Committee (1999), the Emulation Flag for Excellent Unit by the Government (2000) and the first-class Labour Medal (2002). In December 2004, COMECO received the ISO 9001:2000 certificate from BVIQ.
Ms Truong Duc Hanh, CEO and director of COMECO, said: “In the coming time, we will continue expanding markets and business scopes with petroleum trading as our spearhead. We will build a 20-ha oil depot in Nhon Trach District. We will invest VND130 billion (US$8.13 million) in the oil depot in the first phase. This depot can store 40,000 tonnes and accommodate ships of 25,000 tonnes. We are confident of bringing the COMECO trademark to regional countries when Vietnam enters the WTO.”
P.V
Vietnamese
