PetroVietnam Gas Corporation (PV Gas) on Wednesday opened the 60,000-ton facility storing liquefied petroleum gas (LPG) at the Thi Vai LPG terminal in Ba Ria-Vung Tau Province. Having an investment of nearly VND2.52 trillion, or some US$120 million, the facility covering 16 hectares will store refrigerated LPG of PV Gas and other gas importers. The opening of Thi Vai LPG storehouse in Ba Ria-Vung... 

Russia’s leading energy firm TNK strongly believed in their business prospect in Vietnam after it took over the stake from BP in an oil exploration joint venture one year ago. Hugh J. Mcintosh, TNK Vietnam’s president and general director, stressed: “We are quite satisfied with the buyout of BP’s shares because it help us access business opportunities in Vietnam.” “The assets, relations... 

The country now has around 80 gas wholesalers but their contrasting fortunes could not be more different as many firms are suffering huge losses while others post large profits. It is noted that the group of ten listed companies, including PetroVietnam Gas Corporation (PV Gas), PetroVietnam Southern Gas JSC (PV Gas South), PetroVietnam Northern Gas JSC (PV Gas North), Anpha S.G. Petrol JSC (Anpha... 

Gas wholesalers will possibly ask the Ministry of Finance to lower the gas import tariff in a bid to pull down the local retail prices in the context of consumption slowdown. Nguyen Sy Thang, chairman of the Vietnam Gas Association, said gas traders are thinking about petition for an import tax cut from 5% to 0%. “We have not sent the official proposal to the Ministry of Finance yet. However, this... 

Many local enterprises and experts have urged a decline in taxes and fees related to oil and gas products to help support enterprises and consumers amid great impacts of the current economic downturn. With import tax of 12%, special consumption tax of 10%, value added tax of 10% and environment protection fee of VND1,000 per liter, the State is now collecting around VND5,500-6,000 on each liter of... 

The gas retail price has surged by up to 44% since last February. Meanwhile, the import price has only inched up by 28%, and the dong-dollar exchange rate in this period has not changed much. Therefore, it cannot be confirmed that the gas price increase is inevitable as price authorities asserted on March 1. The liquefied petroleum gas (LPG) early this month soared strongly to VND477,000-490,000... 

US oil giant Exxon Mobil Corp discovered hydrocarbons in August off the coast of Da Nang, in central Vietnam, the company said on Thursday. The Financial Times had reported that ExxonMobil has made a potentially significant gas discovery off the coast of central Vietnam. “We can confirm ExxonMobil Exploration and Production Vietnam Limited drilled its second exploration well offshore Da Nang... 

The retail price of gas is always 30 percent higher than the actual value, because the products have to go through many middlemen before reaching out to consumers. However, no proper solution has been found to settle the problem. Gas importers now only “take care” for sales agents by offering sky high commissions, while they do not think that they should act for the benefits of consumers. Consumers... 

Retail prices of cooking gas in Vietnam will be down by VND15-19,000(US$0.75-0.95) per 12kg cylinder as of today, driven by a downturn in the global market. Many local gas distributors, such Saigon Petro and Petrolimex, Tuesday announced the price reduction after Saudi Arabian Oil Company announced a fall of $80 per ton of gas for June delivery. It means that the contract gas price reduces from... 

Members of the Vietnam Gas Association committed themselves to freeze gas prices from now until the end of May, said chairman Nguyen Si Thang. There were no factors affecting gas prices so member companies had pledged not to increase prices, Thang said. The association also asked their members to examine their sales prices. Thang said that domestic gas prices depended on the world market, despite...