PetroVietnam to continue with large-scale divestment
The State-owned Vietnam Oil and Gas Group (PetroVietnam or PVN) has drafted a plan for a comprehensive restructuring until 2025, under which it will continue with large-scale divestment from all of its member corporations and companies.
A view of oil field Bach Ho which is jointly operated by Vietsovpetro and PVN. (Photo: VNA)
Hanoi (VNA) – The State-owned Vietnam Oil and Gas Group(PetroVietnam or PVN) has drafted a plan for a comprehensive restructuringuntil 2025, under which it will continue with large-scale divestment from allof its member corporations and companies.
Accordingly, the group will only keep more than 50 percent of stakes atthree members, and reduce its stakes in the remaining ones to less than 50 percentor even sell out.
The plan, which has been submitted to the Ministry of Industry andTrade, said the group will divest from service operations by around 2020 andelectricity by 2025 after completing the construction of coal-fired thermalpower plants as directed by Prime Minister Nguyen Xuan Phuc.
From now to 2020, PVN will focus on five key sectors, includingexploration and exploitation; gas; oil and gas processing; electricity; and oiland gas services. By 2025, its focus will be narrowed to four, namelyexploration and exploitation; gas; oil and gas processing; and electricity.After 2025, the group will no longer operate in electricity.
From 2017 – 2020, PVN will complete the equitisation of Binh Son Refining and Petrochemical Co Ltd (BSR), PetroVietnamPower Corporation (PV Power), and PetroVietnam Oil Corporation (PV Oil). Itwill prepare conditions to equitise PVEP after 2020 and merge PetroVietnamUniversity (PVU) and Vietnam Petroleum Institute (VPI) into Vietnam Petroleum Academyin 2020.
Between 2021 and 2025, the group will push forward with equitisationand divestment. It will only maintain more than 50 percent of stake in thethree following firms – PetroVietnam Exploration Production Corporation (PVEP),Vietsovpetro and PetroVietnam Gas JSC (PV Gas).
Meanwhile, it will reduce its stakes to less than 50 percent each in 12subsidiaries, including BSR (43 percent),PetroVietnam Fertiliser and Chemicals Corporation (PVFCCo), PetroVietnam Ca MauFertiliser JSC (PVCFC), PetroVietnam Power Corporation (PV Power), PetroVietnamTransportation Corporation (PV Trans) (36 percent), PetroVietnam TechnicalServices Corporation (PTSC) and PetroVietnam Drilling and Well ServicesCorporation (PVD) (less than 30 percent), and PetroVietnam Oil Corporation (PVOil) (35.1 percent).
PVN will offload all stakes from Dung Quat ShipbuildingIndustry Co Ltd (DQS) and Petro Cam Ranh.-VNA
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A view of oil field Bach Ho which is jointly operated by Vietsovpetro and PVN. (Photo: VNA)
