Petrolimex

Not to be confused with The Vietnam National Oil and Gas Group, or Petro Vietnam

Petrolimex
Industry Oil and gasoline
Founded 1956
Headquarters Ha Noi
Key people
 Bui Ngoc Bao (chairman)
Tran Van Thinh (CEO)
Products Petroleum
Petrochemical
Fuel
$137.8 million (2015)[1]
Website www.petrolimex.com.vn

Petrolimex, or Vietnam National Petroleum Group, is an industry group in Vietnam. Besides working in petroleum and natural gas, the company has significant subsidiaries active in the fields of insurance, transport and trading. It, in competition with PetroVietnam (PVN), is Vietnam's leading oil and gas producing company.[2][3] Company main offices are located in Ha Noi.

Activities

Petrolimex caters oil-related products and services to Cambodia's domestic market. Beyond import/export and refining, Petrolimex is also active in the fields of engineering, installation, mechanical and oil equipment, insurance, banking.[4]

Petrolimex operates 2,352 gas stations out of the 14,000 in operation in the country, with a focus on remote and distant areas. Everything in those gas stations - lubricants, gas, insurance, banking - is produced and sold by Petrolimex' subsidiaries.[4] Petrolimex account for 55% of Vietnam's oil-related imports, and lead the market with a 55% share of the oil products market.[5]

Subsidiaries

Petrolimex group companies include:

  1. Petrolimex Joint Stock Insurance Company (PJICO)
  2. Petrolimex Gas JSC
  3. Petrolimex Petrochemical Corporation - JSC
  4. Petrolimex Tanker Corporation
  5. Petrolimex Concrete and Construction Co. Ltd
  6. Petrolimex Land Holdings JSC
  7. Petrolimex Group Commercial Joint Stock Bank (PG Bank)

History

The Vietnam National Petroleum Corporation was initially created in January 1956 under the name Vietnam National Petroleum Corporation, set up by decree of the minister of commerce.[4]

In July 2011, Petrolimex sold 2.56% of its shares in an IPO, raising $20 million, with the state still holding 94.99% of the capital.[5]

In December 2015, Petrolimex (via its subsidiary Petrolimex Nepal) delivered its first batch of aviation fuel (39,800 litres).[6]

In February 2016, Petrolimex admitted there was a large amount of toluene impurities in one of its A95 gasoline batch that caused multiple car breakdowns.[7]

In May 2016, Nippon Oil officially became a 9.09% stockholder of Petrolimex, [8] thus reducing the state ownership below 75%.[9]

In 2016, in the wake of Brexit, Petrolimex planned to sell PJICO to a foreign fund, and to merge its real estate activity into its construction subsidiary. It also finalized the merger of the PG Bank with Vietinbank.[8]

References

  1. ↑ "Petrolimex earns $138m profit after tough 2014". Vietnamnews.vn. March 2016. Retrieved 2016-07-15.
  2. ↑ Google finance, Vietnam National Petroleum Corporation
  3. ↑ (Vietnamese) VNR500 list, Ranked 2nd
  4. 1 2 3 "About Petrolimex". Petrolimex.com.vn. Retrieved 2016-07-15.
  5. 1 2 John Ruwitch; Vu Duy (28 July 2011). "Vietnam's Petrolimex IPO oversubscribed, nets $20 mln". Reuters.com. Retrieved 2016-07-15.
  6. ↑ "Aviation fuel from Petrolimex arrives". Ekantipur.com. 4 December 2015. Retrieved 2016-07-15.
  7. ↑ Hieu Trung (4 February 2016). "Petrolimex admits fuel impurities caused multiple car breakdowns in Vietnam". Thanhniennews.com. Retrieved 2016-07-15.
  8. 1 2 "Vietnamese stock market loses US$1.15 billion in wake of Brexit". Vietnamnet.vn. 27 June 2016. Retrieved 2016-07-15.
  9. ↑ "Petrolimex completes selling stake for strategic investor". Petrolimex.com. 1 July 2016. Retrieved 2016-07-15.
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