The Vietnam Oil and Gas Group, or PetroVietnam, has reached agreements to transfer its stakes in two subsidiaries to Korean partners, Vietnam News Agency reported on Wednesday. The agreements were made in an investment promotion conference called “Partnership with PetroVietnam” held on Wednesday in South Korea’s capital Seoul. Accordingly, Hanshin group agreed to acquire a 10% stake in PetroVietnam... 

The PetroVietnam Group earned VND151.2 trillion ($7.2 billion) in the first quarter of this year, despite challenges caused by fluctuating oil prices, the national petroleum group announced yesterday. “This figure is a year-on-year increase of 59.4 per cent, representing 30.2 per cent of our annual target,” said deputy director general Le Minh Hong. PetroVietnam has already sold $2.7 billion... 

First prize in a $50,000 contest to design the Vietnam Oil and Gas Tower has been won by US firm Pelli Clarke Pelli Architects. PetroVietnam Construction Joint Stock Company (PVX) announced the chosen design of the tower, an international symbol of the Vietnamese oil and gas industry, on March 30. The 79-storey tower, set to be Hanoi ’s highest building, symbolises the 79-year lifespan of President... 

PetroVietnam Oil Corp (PV Oil), a subsidiary of the giant state-owned PetroVietnam group, will set up a petroleum trading arm in Singapore, according to a senior official. The new company with an initial chartered capital of $5 million will have major business lines of trading crude oil in the international market, trading and importing petroleum products for Vietnamese market, said Le Nhu Linh,... 

HCMC – SSG Group Joint Stock Company and PetroVietnam General Services Joint Stock Corporation have established a joint venture to develop a multipurpose property project in HCMC’s Binh Thanh District. The newly established venture Petrosetco SSG marked its first public appearance over the weekend by starting work on the PSSSG project on Thanh Da Street on the peninsula of the same name. The... 

The VN-Index edged down by another 0.27 per cent to close at 480.55 points, with a new survey showing business confidence sliding in the last quarter of 2010. Viet Nam WVB Financial Intelligence Services and PetroVietnam Finance Investment and Consultancy Co’s Business Confidence Index (BCI) was announced to have dropped 11 points from the previous quarter. The survey looked at the country’s... 

Revenues from oil and gas services hit a record figure of VND152,500 billion in 2010, a 58 percent increase over 2009’s figure and making up 32 percent of PetroVietnam’s total revenues. The figure was given by the Vietnam National Oil and Gas Group (PetroVietnam) at an online conference in Hanoi on January 4. Although the group had to cope with many challenges in 2010, member companies have fulfilled... 

Vietnamese firms, mainly state-owned, have invested nearly $8.4 billion in 558 projects in foreign countries, according to the Overseas Investment Department. Leading the pack is the Vietnam National Oil and Gas Group (PetroVietnam) with more than $2.3 billion in 28 projects. The Vietnam Rubber Industry Group has registered to invest $792 million in 16 projects and the Vietnam National Coal and Mineral... 

PV Gas South, a state-run PetroVietnam offshoot which holds 60 percent of the market share, reduced cooking gas retails by VND8,000 (US$0.41) for a 12-kilogram cylinders Wednesday. The drop was the first price cut on cooking gas after a four-month hike in the face price increases from other distributors. Earlier this month the price of a 12-kilogram cylinder was raised by VND38,000 to VND335,000-357,000. Other... 

Vietnam’s only oil refinery at Dung Quat will auction plastic pellets and liquefied petroleum gas starting Wednesday. Nguyen Hoai Giang, CEO of the Binh Son Oil Refinery and Petrochemical Company Limited, the operator of the refinery based in Quang Ngai Province, told Tuoi Tre that applications will be received until Wednesday. The pellets will be sold in an open auction while the LPG, due to its...