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.

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

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.

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

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.

 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.

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.

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.

 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.

 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.

 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.

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). 

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.

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.

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.

 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. 

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.

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.

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).

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