PetroVietnam Power Corporation (PV Power), a wholly-owned subsidiary of the state-owned energy giant PetroVietnam, said it will sell a 49% stake late this year with priority given to strategic investors.
Vietnam will replace RON 92 petrol with E5 bio-fuel from the beginning of next year.
Vietnam’s National Oil and Gas Group (PetroVietnam) earned total revenue of VND 204.8 trillion (US$9.06 billion) in the first five months of 2017, 13.4% higher than targeted, reported Vietnam News Agency.
Oil and gas giant PetroVietnam and the US General Electric International (GE) Group will cooperate in developing two gas-fired power plants, No.1 and 2 in the central province of Quang Nam, using gas from the Ca Voi Xanh (Blue Whale) gas field.
Vietnamese petroleum companies have enough time to build facilities and develop networks to prepare for competition with foreign distributors once Vietnam opens the petroleum market, experts say.
Dinh La Thang, a Politburo member and Secretary of the Ho Chi Minh City Party Committee, has received an official warning and has no longer been part of the Politburo of the Party Central Committee for his past financial wrongdoings as head of the National Oil and Gas Group (PetroVietnam).
Higher fuel quality requirements have perplexed Vietnam’s major oil refineries.
A gas processing plant in U Minh district of the southernmost province of Ca Mau, designed with a capacity of 6.2 million cubic metres per day, will finish trial operations and begin commercial production in June 2017.
Ho Chi Minh City plans to increase the number of compressed natural gas (CNG) – powered buses with a view of running 841 CNG buses on 39 routes by the end of this year.
A plan of Ho Chi Minh City to treble the number of buses running on compressed natural gas (CNG) by the end of 2017 might be in jeopardy as the CNG price has increased this year and is forecast to edge up further in the coming years.
Permanent members of the Central Steering Committee for Anti-Corruption convened a meeting in Hanoi on April 17 under the chair of Party General Secretary Nguyen Phu Trong, who is also head of the committee.
Petrovietnam Oil (PV Oil) Corp. aims to expand its share of the domestic oil and petrol retail market from 22% to at least 35% by 2020 through mergers and acquisitions transactions.
Prime Minister Nguyen Xuan Phuc asked Thailand’s Siam Cement Group (SCG) to expand investment to more fields in Vietnam while receiving SCG President and CEO Roongrote Rangsiyopash in Hanoi on April 5.
The Vietnam National Oil and Gas Group (PetroVietnam) surpassed its business targets by 4-16 percent, especially oil exploitation, in the first three months of the year.
Deputy Prime Minister Trinh Dinh Dung has urged the management board and contractors to accelerate the construction progress and ensure quality of the Long Phu 1 Thermal Power Plant.
PetroVietnam Drilling and Well Services Corporation (PV Drilling) said the significant decrease of crude oil prices caused its revenue to fall sharply last year, leading to record-low after-tax profit of VND120 billion (US$5.26 million), down 14 times against 2015.
Vietnamese Prime Minister Nguyen Xuan Phuc has signed a decision to remove Nguyen Quoc Khanh as chairman of the board of directors of the Vietnam Oil and Gas Group (PetroVietnam) to enable his transfer to the Ministry of Industry and Trade.
The investigative police under the Ministry of Public Security announced on February 16 they had begun criminal proceedings against five people, including four former State officials, for embezzlement in the criminal case at PetroVietnam Construction Corporation (PVC).
The PetroVietnam Gas Corporation (PV Gas) and the PetroVietnam Exploration Production Corporation (PVEP) inked on February 17 an agreement in principle on cooperation in developing phase II of the Su Tu Trang (White Lion) gas field.
Two giant State-owned corporations, Vietnam National Petroleum Group (Petrolimex) and Vietnam Steel Corporation (VNSTEEL), achieved record profits last year, according to a conference held by the Party Organisation of the Central Enterprises Bloc (CEB).