Petrovietnam

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PetroVietnam
state owned
Industry oil and gas industry
Founded1977 (1977)
Headquarters,
Productsoil, natural gas, coal, electricity
Revenue$37 billion (2012) [1]
$5.4 billion (2012)
Owner Vietnam
Website www.pvn.vn/sites/en/Pages/default.aspx

PetroVietnam is the trading name of Vietnam Oil and Gas Group (PVN) (in Vietnamese: Tập đoàn Dầu khí Quốc gia Việt Nam). PetroVietnam has developed rapidly since it was established in 1977, [2] and its activities, through its various companies and wholly owned subsidiaries, now cover all the operations from oil and gas exploration and production to storage, processing, transportation, distribution and services. Wholly owned by the Vietnamese central government, it is responsible for all oil and gas resources in the country and has become its country's largest oil producer and second-largest power producer. [3]

Contents

Operations

PetroVietnam also carries out exploration activities in Malaysia, Indonesia, Mongolia, Myanmar and Algeria, and recovers oil in Iraq and Malaysia. [4]

International cooperation

In order to help pay for the costs stemming from the Deepwater Horizon explosion, BP plans to sell its stakes in gas and oil properties in Vietnam. It maintains joint ownership of such projects — Lan Tay-Lan Do gas field and Nam Con Son pipeline — with ONGC, PetroVietnam, and ConocoPhillips. Moreover, its partners will be given priority when purchasing its shares should Hanoi approve the transaction. [5] India has expressed interest in buying BP's assets to secure needed energy resources for its fast-growing economy. [3]

In 2010, PetroVietnam Group has secured $1 billion loan from government bond proceeds and BNP Paribas for the Dung Quat oil refinery Plant No 1, in Vietnam, which began operating at 100% production capacity in August 2010. [6]

Subsidiaries and Joint-ventures

PetroVietnam has several subsidiaries: [7]

PetroVietnam holds controlling stakes in the following companies:

Experts from Petrovietnam work in TyumenNIIgiprogas. Tyumen, Russia. 2014. Petrovietnam-TyumenNIIgiprogas.jpg
Experts from Petrovietnam work in TyumenNIIgiprogas. Tyumen, Russia. 2014.

Together with Gazprom the company has established Vietgazprom. [10]

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References

  1. "PVN lãi gần 5,4 tỉ đô la Mỹ". The Saigon Times. December 27, 2012. Archived from the original on December 30, 2013. Retrieved December 28, 2012.
  2. Egal. "PVN Internet". www.pvn.vn. Retrieved April 11, 2018.
  3. 1 2 Sharma, Rakesh (July 21, 2010). "India Interested In Buying BP Assets In Vietnam - Oil Minister". Wall Street Journal . Retrieved July 25, 2010.[ dead link ]
  4. http://www.gazprom.com/eng/news/2006/11/21623.shtml Archived September 28, 2007, at the Wayback Machine
  5. "Who will buy BP's property in Vietnam?". Look at Vietnam. July 23, 2010. Retrieved July 25, 2010.
  6. "PetroVietnam secures $1 billion loan to develop Dung Quat oil refinery". World Construction Network. Retrieved September 29, 2010.
  7. "Vietnam National Oil and Gas Group". english.pvn.vn. Archived from the original on July 19, 2010. Retrieved April 11, 2018.
  8. "PV Pipe sản xuất ống thép dầu khí đầu năm 2013". The Saigon Times. October 16, 2012. Archived from the original on March 4, 2016. Retrieved October 19, 2012.
  9. "PVTex to operate first polyester fiber project early 2011". The Saigon Times. May 14, 2010. Archived from the original on October 6, 2011. Retrieved July 6, 2011.
  10. "Vietgazprom to hire Energy Searcher". Upstream Online . NHST Media Group. December 15, 2011. (subscription required). Retrieved December 15, 2011.