Update news petrovietnam

Nghi Son asks to loosen requirements on petrol product quality

VietNamNet Bridge - The national oil and gas group PetroVietnam has said it does not want to be responsible for the consumption of Nghi Son’s products which cannot meet the Euro 4 emission standard.

Oil price fall places PetroVietnam in big difficulty

VietNamNet Bridge - The ‘oil worry’ has spread to financial circles, mostly commercial banks which have provided funds to PetroVietnam’s projects.

MPI warns PetroVietnam proposal may create monopoly

VietNamNet Bridge - The proposal by the national oil and gas group PetroVietnam to force domestic enterprises to buy petroleum products from domestic sources will create a monopoly, the Ministry of Planning and Investment (MPI) has warned.

PetroVietnam names new general director

 Nguyen Vu Truong Son was yesterday appointed the general director of the Viet Nam National Oil and Gas Group (PetroVietnam).

Foreigners shun local oil ventures after price slide

Reeling from the downturn of the global oil market over the last two years, foreign investors in the Vietnamese oil and gas industry are facing difficulties in finding new partners to proceed with projects currently under construction.

PetroVietnam to close some oil wells if prices fall below $30/barrel

 VietNamNet Bridge - With the average price of crude oil at $32.4 per barrel, some subsidiaries of the Vietnam Oil and Gas Group (PetroVietnam) like PVEP and PVOil suffered losses in January 2016.

New Chairman for PetroVietnam

Prime Minister Nguyen Tan Dung has issued Decision No. 89/QD-TTg appointing Mr. Nguyen Quoc Khanh, General Director of PetroVietnam, as its new Chairman.

Dung Quat oil refinery not very attractive to investors

VietNamNet Bridge - The shares of oil and gas companies have seen a price decrease of 49 percent by November compared with the same period last year, the sharpest so far.

Vietnam’s five State-owned corporations with huge foreign debts

 VietNamNet Bridge - Most of the foreign debt owed by State-owned corporations is concentrated in key business sectors, where they must seek giant funds for projects.

Oil won't affect Vietnam's 2015 budget

 Do Hoang Anh Tuan, deputy minister of finance, said reduction in the world crude price to US$36 per barrel in future transactions would not affect budget revenue this year.

Largest jack-up drilling rig officially launched in Ba Ria-Vung Tau

 A ceremony was held in the southern province of Ba Ria-Vung Tau on December 13 to launch the Tam Dao 05 offshore oilrig, the largest ever locally manufactured jack-up rig.

A new race in the lubricant market

With an annual growth rate of 7-8 percent per annum, the Vietnamese lubricant market has attracted foreign brands, especially as Vietnam has now signed many free trade agreements (FTAs). 

Vietnam remains optimistic despite loss of revenue from crude oil exports

The government, when planning the nation’s budget for 2016, has estimated that crude oil will make up 10 percent of the budget revenue for the year, which means that Vietnam still plans to increase the crude oil output.

Oil refinery projects no longer attractive to investors

VietNamNet Bridge - Some years ago, investors flocked to Vietnam to register petrochemistry and oil refinery projects, which raised concerns about oversupply. But things are quite different now.

Dung Quat Oil Refinery seeks help to resolve inventory excess

The inventory at the Dung Quat Oil Refinery has risen to such a level that it may go beyond the refinery’s maximum storage capacity, a source from the national oil and gas group PetroVietnam has said.

PetroVietnam to equitise oil refining subsidiary

 The Binh Son Refining and Petrochemical Co. (BSR), a subsidiary of the Viet Nam National Oil and Gas Group (PetroVietnam), plans to complete its evaluation by December 31 and equitisation by the end of next year. 

PetroVietnam fears oversupply of petrol products, wants to restrict imports

The national oil and gas group PetroVietnam has asked the government to apply necessary measures to restrict petrol imports so as to ensure the sale of products to be produced by the Nghi Son and Dung Quat oil refineries.

Power plants sell cheap electricity, consumers buy high

VietNamNet Bridge - In the last three years,  Electricity of Vietnam (EVN) has bought electricity from power generators at the average price of VND1,087.3 per kwh and sold it at VND1,622 per kwh on average.

Vietnam capable of building oil rigs larger than China’s Haiyang 981

VietNamNet Bridge - Building large oil rigs is within Vietnam’s reach, according to Pham Tien Dung, general director of PetroVietnam Drilling and Well Services Corporation (PV Drilling).

Dung Quat Oil Refinery receives huge incentives, makes tiny profits

VietNamNet Bridge - In 2010-2014, the preferential import tariff helped Dung Quat Oil Refinery escape from a VND27.6 trillion loss, according to PetroVietnam.