Vice Chairman of the Government Office Nguyen Cao Luc addresses the working session (Photo: VNA) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc sent a working group to the VietnamNational Petroleum Group (Petrolimex) on September 25 to examine the firm’simplementation of tasks assigned by the Prime Minister and the Government sofar.
According to Pham VanThanh, Chairman of Petrolimex Board of Management said that in 2017, the firm earned153 trillion VND (6.57 billion USD), with pre-tax profit reaching over 4.78trillion VND (205.54 million USD). It contributed more than 38 trillion VND(1.63 billion USD) to the State budget over the year.
In the first eightmonths of 2018, Petrolimex’s pre-tax profit was 3.43 trillion VND (147.49 millionUSD) and its State budget payment was 29 trillion VND (1.24 billion USD).
So far, Petrolimex hasfinished restructuring by completing the formation of six corporations running underthe model of parent-subsidiary companies, as well as joint stock companies forthe 2013-2017 period.
On July 4, 2018, thefirm asked for an extension from 2018 to the 2019-2020 period for its capitaldivestment deadline, and a rise in its foreign ownership cap to 49 percent.
This year, Petrolimexis scheduled to complete the merging of Petrolimex Group Commercial Joint StockBank into the Ho Chi Minh City Development Bank, which is expected to raisePetrolimex’s profits by 1 trillion VND.
Meanwhile, PetrolimexDeputy General Director Tran Ngoc Nam reported that 47 percent of petrol soldin the first eight months of 2018 was bio-fuel E5 Ron 92.
Addressing the workingsession, Vice Chairman of the Government Office Nguyen Cao Luc hailed thecompany’s efforts, noting that the market capitalisation of the firm has increased5.6 times from about 16 trillion VND in 2011 to 90 trillion VND when the firmswitched from a State-owned company to a joint stock firm at present.
The group has also dominatedthe country’s petrol market with a 48 percent share, showing strong economicperformance, he said.
Luc asked the group toensure its development is on track and sustainable, while distributing itsresources effectively and implementing capital divestment in line withdirections from the Government.
At the same time,Petrolimex should improve its capacity in business management and governance,while promoting administrative reform, reducing costs, coordinating closelywith other firms such as PetroVietnam and Electricity of Vietnam, andpreventing trade frauds. –VNA
VNA
