Update news PVN

Obstacles impede investments in oil and gas

Currently, large investments in oil and gas projects are facing many difficulties. These include exploration and extraction of oil and gas in the upper reaches as well.

Temporarily halting petrol and oil imports must be considered carefully: ministry

The proposal of temporarily halting the import of petrol and oil must be carefully considered to ensure national energy security and harmonise...

PVN proposes halt of petrol imports to support refineries amid tumbling domestic consumption

PVN’s proposal was raised as sales of petrol and oil products in the domestic market slumped an estimated 30 per cent in the first quarter of this year. PVN also forecast bigger reductions in the coming months.


PVN records revenue of $31.7b in 2019

The Viet Nam Oil and Gas Group (PVN) earned revenue of more than VND736 trillion (US$31.7 billion) in 2019, marking a year-on-year increase of 17 per cent.


PetroVietnam in need of investment capital

Demand for investment capital at the Vietnam Oil and Gas Group (PVN) and its member units for 2018-20 was estimated to reach VND620 trillion (US$26.7 billion), PetroVietnam Securities Inc (PSI) recently announced.


Thai investor proposes additional US$1.4 billion for refinery

A Thai consortium in charge of the 464-hectare Long Son Petrochemicals Complex, located in Ba Ria-Vung Tau, wants to raise its charter capital from US$3.7 billion to US$5.1 billion to upgrade the refinery’s technology and improve its capacity.


PetroVietnam's CEO allowed to resign

The police earlier this year initiated an investigation into a loss-making oil exploration project in Venezuela, which was carried out by PVEP from 2010 when Son was PVEP`s CEO.

22 indicted in PVN, PVC corruption cases

Đinh La Thăng, former chairman of the Member Council of PetroVietnam (PVN), will face charges of “deliberately violating State regulations, causing severe consequences” while his subordinate, 

PVN Deputy General Director arrested

Deputy General Director of Vietnam Oil and Gas Group Ninh Van Quynh was detained on Friday for “deliberately violating State regulations and causing serious consequences” for PVN.

Five unprofitable mega-projects funded by the state

Five projects all funded by the state - the Dinh Vu fiber plant, Dung Quat ethanol plant, the expanded Thai Nguyen steel mill, Phuong Nam Pulp and Ninh Binh Fertilizer – have incurred huge losses. 

Police called on to investigate loss-making firm

 VietNamNet Bridge – The Government Inspectorate (GI) concluded its inspections of three biofuel (ethanol) projects with capital investment from state-owned giant PetroVietnam (PVN) and its member companies.

PVN expects to reach target despite low global oil prices

The Vietnam National Oil and Gas Group (PVN) earned VND253 trillion (US$11.3 billion) in revenue and paid VND50.7 trillion to the State budget in the first seven months of this year.


 VietNamNet Bridge – Energy groups are quick to complain about the impact of exchange rate fluctuations, which they claim have caused huge losses for them. They have floated the possibility of adding those losses to their production costs.

Gazprom Neft yet to buy into oil refining firm

VietNamNet Bridge – Vietnam National Oil and Gas Group and Gazprom Neft have not reached agreement on the latter’s acquisition of a 49% stake at Binh Son Refining and Petrochemical Co. Ltd,

PVN, EVN face ban on non-core investment

 VietNamNet Bridge – Vietnam Electricity Group (EVN) and Vietnam Oil and Gas Group (PVN) will be banned from investing in real estate, banking, insurance and stock market, said the Ministry of Finance.

PVN suspends oil exploration in Venezuela

 VietNamNet Bridge – Vietnam National Oil and Gas Group (PVN) has decided to suspend oil extraction from Block Junin 2 in Venezuela because inflation has sent goods prices soaring and because the gap between the official ...

Ethanol plants mired in troubles

VietNamNet Bridge – The ethanol plants of Vietnam Oil and Gas Group (PVN) are facing numerous difficulties due to slow consumption of the bio-petrol E5 at home and poor ethanol export prices.

SOE restructuring still far from finish line

VietNamNet Bridge – Restructuring of State-owned enterprises (SOE) is moving at a snail’s pace and it will take many more years until the process is completed,