Update news petrovietnam

Oil & gas loses the ‘throne’ as the biggest export item

VietNamNet Bridge - The oil & gas sector once had the highest export turnover of any industry, but that ended in 2009.

Will Japanese petroleum distributor succeed in Vietnam?

Though Idemitsu Kosan has impressed Vietnamese with high-quality, friendly service, it will still meet difficulties to cement its position in the Vietnamese market, experts say.

PetroVietnam, SCG speed up Long Son petrochemical project

 The Vietnam National Oil and Gas Group (PetroVietnam) and the Siam Cement Group (SCG) of Thailand have just signed an agreement on accelerating the progress of a petrochemical project in southern Vietnam.

BSR wants guaranteed loan for oil refinery upgrade

VietNamNet Bridge - Binh Son Refining & Petrochemical (BSR) is seeking a $1.26 billion government-guaranteed loan out of the total $1.8 billion needed to upgrade the Dung Quat Oil Refinery. 

Exploiting more oil to meet GDP growth rate is risky, experts say

VietNamNet Bridge - Exploiting more crude oil and coal to ensure GDP growth rate of 6.7 percent this year will be a very difficult task, an MPI report says.

Exploiting 1 million tons of oil not an easy task for PetroVietnam

VietNamNet Bridge - PetroVietnam has been asked to exploit more oil to obtain the targeted growth rate of 6.7 per cent assigned by the government.

Five prosecuted for massive losses at state-run firm

The Ministry of Public Security’s Investigative Agency has decided to prosecute five former executives of the textile factory of the State-run giant, PetroVietnam, and a subsidiary, for causing considerable economic losses.

PetroVietnam-invested projects incurred huge losses under Dinh La Thang

VietNamNet Bridge - Many projects invested by PetroVietnam, the national oil & gas group, have been found taking huge losses. 

Biofuel plan may fail as ethanol plants face production problems

VietNamNet Bridge - The plan to make a switch from the popular RON A92 petrol to biofuel E5 by January 1, 2018 may fail as ethanol plants have become bogged down in difficulties.

Vietnam’s GDP still relies on price of oil

VietNamNet Bridge - Exploiting one more million tons of oil for sale to obtain higher GDP shows that the national economy still cannot gain substantial reform.

Vietnam's oil exploitation exceeds Q1’s target

 The Vietnam National Oil and Gas Group (PVN) produced about 6.45 million tonnes of crude oil in the first quarter of this year, exceeding its three-month plan by 5 percent.

Two petrochemistry projects stopped by authorities because of long delays

Shortly after the $22 billion petrochemistry & oil refinery project in Binh Dinh province was withdrawn by local authorities because of delay, another project in Can Tho has been stopped for the same reason.

State-owned conglomerates are ‘cash kings’

VietNamNet Bridge - Many Vietnamese enterprises now have large amounts of cash and have deposited them in banks to make profits.

VN Electricity proposed to take over PetroVietnam's $1.7 billion power project

 State-run Electricity of Vietnam (EVN) may replace Vietnam’s oil and gas group PetroVietnam to develop the long-delayed thermal power plant Quang Trach 1 in the central province of Quang Binh, according to newswire

ExxonMobile pushes on with gas-to-power complex

ExxonMobil Corporation from the US is eager to co-operate with Vietnamese state-run oil and gas group PetroVietnam to develop the gas-to-power complex located in the central provinces of Quang Nam and Quang Ngai.

PetroVietnam anticipates it will have to cover Nghi Son losses

VietNamNet Bridge - The national oil & gas group PetroVietnam may have to spend more than $2 billion, or VND40 trillion, to cover losses from the Nghi Son petrochemistry and refinery complex. 

Should Vietnam take drastic measures to eliminate monopolies?

VietNamNet Bridge - The telecommunication fee in Vietnam has been decreasing sharply thanks to the policy on eliminating the monopoly in the telecom sector. However, monopolies still exist in other business fields.

Projects of powerful conglomerates incur losses

VietNamNet Bridge - A series of multi-trillion dong investment projects developed by large conglomerates belonging to the Ministry of Industry and Trade (MOIT) have incurred heavy losses.

More IPOs in oil and gas industry planned this year

 There would be more auctions of shares from oil and gas companies in the second half of 2016 under the directives of the government on equitisation of state-owned firms.

Is 6.7 percent GDP growth rate a must for Vietnam in 2016?

VietNamNet Bridge - Two more international institutions have lowered their predicted GDP growth rate for Vietnam in 2016, showing less optimism about Vietnam’s economy. However, analysts say a lower GDP growth rate won’t be a concern.