Petrolimex
Oil and gasoline | |
| Founded | 1956 |
|---|---|
| Headquarters | Hanoi |
Key people | Phạm Văn Thanh (chairman) Phạm Đức Thắng (CEO) |
| Products | Petroleum Petrochemical Fuel |
| $137.8 million (2015)[1] | |
| Website | www.petrolimex.com.vn |
Petrolimex (PLX), formally the Vietnam National Petroleum Group (
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,
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]
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:
- Petrolimex Joint Stock Insurance Company(PJICO)
- Petrolimex Gas JSC
- Petrolimex Petrochemical Corporation - JSC
- Petrolimex Tanker Corporation
- Petrolimex Concrete and Construction Co. Ltd
- Petrolimex Land Holdings JSC
- Petrolimex Group Commercial Joint Stock Bank (PG Bank)
References
- ^ "Petrolimex earns $138m profit after tough 2014". Vietnamnews.vn. March 2016. Retrieved 2016-07-15.
- ^ Google finance, Vietnam National Petroleum Corporation
- ^ (Vietnamese) VNR500 list, Ranked 2nd Archived 2009-01-23 at the Wayback Machine
- ^ a b c "About Petrolimex". Petrolimex.com.vn. Retrieved 2016-07-15.
- ^ a b John Ruwitch; Vu Duy (28 July 2011). "Vietnam's Petrolimex IPO oversubscribed, nets $20 mln". Reuters.com. Retrieved 2016-07-15.
- ^ "Aviation fuel from Petrolimex arrives". Ekantipur.com. 4 December 2015. Retrieved 2016-07-15.
- ^ Hieu Trung (4 February 2016). "Petrolimex admits fuel impurities caused multiple car breakdowns in Vietnam". Thanhniennews.com. Retrieved 2016-07-15.
- ^ a b "Vietnamese stock market loses US$1.15 billion in wake of Brexit". Vietnamnet.vn. 27 June 2016. Retrieved 2016-07-15.
- ^ "Petrolimex completes selling stake for strategic investor". Petrolimex.com. 1 July 2016. Retrieved 2016-07-15.
External links
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