The Government has just requested the Commission for the Management of State Capital at Enterprises to carry out plans to transfer Vietnam Air Petrol Company (Skypec) from the Vietnam Airlines Corporation to the Vietnam Oil and Gas Group.

A delegation of officers from PetroVietnam and Binh Son Oil Refining and Petrochemical JSC has attended a thematic seminar on export funding – TXF Asia 2022 – in Singapore.

A proposal by the Vietnam Oil and Gas Group (Petrovietnam) to invest in a petrochemical and refinery complex and national oil storage facility with total investment of nearly 19 billion USD in the southern province of Ba Ria-Vung Tau is a good idea.

The Vietnam Oil and Gas Group (PetroVietnam) has proposed to the Government an investment in a refinery and petrochemical complex and a national reserve of crude oil and petroleum products in Long Son Petroleum Industrial Park.

The participation of new players in the petroleum market would create benefits for businesses and customers.

Once a big oil and coal exporter, Vietnam has become an importer of the materials in increasingly high quantities.

Oil and gas companies are struggling to cope with falling prices, oil field depletion, and difficulties in seeking new fields.

The government has sent a report to the National Assembly on investment of state capital in enterprises, and the use of the fund for enterprise support and development in 2019.

Forty-seven outward investment projects have an accumulated loss of $1.048 billion, according to the government’s report on the financial situation of state-owned enterprises (SOEs) and state-invested enterprises, submitted to the National Assembly.

The total outward investment capital registered so far has reached $12.2 billion. The national oil and gas group PetroVietnam, the mililtary telco Viettel, and the Vietnam Rubber Group (VRG) are the biggest outward investors.

Block 114 is located in Song Hong Basin, offshore Vietnam’s northern continental shelf, about 65km from Quang Tri province, and 86km from Da Nang city in the central region.

The Binh Son Refining and Petrochemical Corporation (BSR) has filed for listing on the Hanoi Stock Exchange, the northern market regulator said on June 2.

Despite some improvements, seaport joint ventures between foreign partners and state-owned shipping giant Vietnam Maritime Corporation continued to incur losses in the first quarter of this year, 

The Q1 finance reports released by enterprises in nearly all business fields, from manufacturing and real estate to aviation and oil and gas, show big losses. Large enterprises have reported huge losses of trillions of dong.

Though domestic petroleum depots are full, the Vietnam Energy Association (VEA)
wants to buy oil to store.

Some experts have suggested issuing oil bonds to store oil and petroleum products as oil prices now are low.

Oil may reach its lowest price in history this week but its impacts on the world economy and Viet Nam have been limited at this time when the COVID-19 pandemic is keeping people at home and transportation has been cut off.

Petroleum prices in Vietnam were cut from Monday to the lowest level over the past 11 years.

The revenues of PetroVietnam and Petrolimex slumped by $6.13 billion and $521.74 million this year due to the dropping oil price and the COVID-19 health crisis.