Type state owned Website english.pvn.vn Owner Vietnam Headquarters Hanoi, Vietnam | Industry oil and gas industry Revenue 37 billion USD (2012) Founded 9 September 1977 | |
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Products oil, natural gas, coal, electricity CEO Nguyen Vu Truong Son (4 Mar 2016–) Subsidiaries Vietsovpetro, PetroVietnam Finance Corporation | ||
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PetroVietnam is the trading name of Vietnam Oil and Gas Group (PVN) (in Vietnamese: Tập đoàn Dầu khí Quốc gia Việt Nam). PetroVietnam has developed rapidly since it was established in 1977, and its activities, through its various companies and wholly owned subsidiaries, now cover all the operations from oil and gas exploration and production to storage, processing, transportation, distribution and services. Wholly owned by the Vietnamese central government, it is responsible for all oil and gas resources in the country and has become its country's largest oil producer and second-largest power producer.
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Operations
PetroVietnam also carries out exploration activities in Malaysia, Indonesia, Mongolia, Myanmar and Algeria, and recovers oil in Iraq and Malaysia.
International cooperation
In order to help pay for the costs stemming from the Deepwater Horizon explosion, BP plans to sell its stakes in gas and oil properties in Vietnam. It maintains joint ownership of such projects — Lan Tay-Lan Do gas field and Nam Con Son pipeline — with ONGC, PetroVietnam, and ConocoPhillips. Moreover, its partners will be given priority when purchasing its shares should Hanoi approve the transaction. India has expressed interest in buying BP's assets to secure needed energy resources for its fast-growing economy.
In 2010, PetroVietnam Group has secured $1 billion loan from government bond proceeds and BNP Paribas for the Dung Quat oil refinery Plant No 1, in Vietnam, which began operating at 100% production capacity in August 2010.
Subsidiaries and Joint-ventures
PetroVietnam has several subsidiaries:
PetroVietnam holds controlling stakes in the following companies:
Together with Gazprom the company has established Vietgazprom.