Petrovietnam
Encyclopedia
PetroVietnam is the trading name of Vietnam Oil and Gas Group (PVN) (in Vietnamese: Tập đoàn Dầu khí Quốc gia Việt Nam). PetroVietnam has developed rapidly since it was established in 1977, and its activities, through its various companies and wholly owned subsidiaries, now cover all the operations from oil and gas exploration and production to storage, processing, transportation, distribution and services. Wholly owned by the Vietnamese central government, it is responsible for all oil
and gas
resources in the country and has become its country's largest oil producer and second-largest power producer.
PetroVietnam also carries out exploration activities in Malaysia, Indonesia
, Mongolia
and Algeria
, and recovers oil in Iraq
and Malaysia.
During the 1980s PetroVietnam used the former US Embassy
in Ho Chi Minh City as its headquarteres.
, BP
plans to sell its stakes in gas and oil properties in Vietnam. It maintains joint ownership of such projects — Lan Tay-Lan Do gas field and Nam Con Son pipeline — with ONGC, PetroVietnam, and ConocoPhillips
. Moreover, its partners will be given priority when purchasing its shares should Hanoi approve the transaction. India has expressed interest in buying BP's assets to secure needed energy resources for its fast-growing economy.
In 2010, PetroVietnam Group has secured $1 billion loan from government bond proceeds and BNP Paribas for the Dung Quat oil refinery Plant No 1, in Vietnam, which began operating at 100% production capacity in August 2010.
to build Vietnam's first polyester fiber plant. The factory will be located in Haiphong
and use by-products from oil-refining.
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
and gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
resources in the country and has become its country's largest oil producer and second-largest power producer.
PetroVietnam also carries out exploration activities in Malaysia, Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
, Mongolia
Mongolia
Mongolia is a landlocked country in East and Central Asia. It is bordered by Russia to the north and China to the south, east and west. Although Mongolia does not share a border with Kazakhstan, its western-most point is only from Kazakhstan's eastern tip. Ulan Bator, the capital and largest...
and Algeria
Algeria
Algeria , officially the People's Democratic Republic of Algeria , also formally referred to as the Democratic and Popular Republic of Algeria, is a country in the Maghreb region of Northwest Africa with Algiers as its capital.In terms of land area, it is the largest country in Africa and the Arab...
, and recovers oil in Iraq
Iraq
Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
and Malaysia.
During the 1980s PetroVietnam used the former US Embassy
United States Embassy, Saigon
The United States Embassy in Saigon was first established in May 1950, and moved into a new building on a more secure compound in 1967. The embassy was the scene of a number of significant events of the Vietnam War, most notably the Vietcong attack during the Tet Offensive which helped turn...
in Ho Chi Minh City as its headquarteres.
International Cooperation
In order to help pay for the costs stemming from the Deepwater Horizon explosionDeepwater Horizon explosion
The Deepwater Horizon drilling rig explosion refers to the April 20, 2010 explosion and subsequent fire on the Deepwater Horizon semi-submersible Mobile Offshore Drilling Unit , which was owned and operated by Transocean and drilling for BP in the Macondo Prospect oil field about southeast of the...
, BP
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
plans to sell its stakes in gas and oil properties in Vietnam. It maintains joint ownership of such projects — Lan Tay-Lan Do gas field and Nam Con Son pipeline — with ONGC, PetroVietnam, and ConocoPhillips
ConocoPhillips
ConocoPhillips Company is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States...
. Moreover, its partners will be given priority when purchasing its shares should Hanoi approve the transaction. India has expressed interest in buying BP's assets to secure needed energy resources for its fast-growing economy.
In 2010, PetroVietnam Group has secured $1 billion loan from government bond proceeds and BNP Paribas for the Dung Quat oil refinery Plant No 1, in Vietnam, which began operating at 100% production capacity in August 2010.
Joint-Ventures
PetroVietnam set up a joint-venture PVTex with textile manufacturer VinatexVinatex
The Vietnam National Textile and Garment Group is a large Vietnamese textile company, and one of Vietnam's largest companies overall...
to build Vietnam's first polyester fiber plant. The factory will be located in Haiphong
Haiphong
, also Haiphong, is the third most populous city in Vietnam. The name means, "coastal defence".-History:Hai Phong was originally founded by Lê Chân, the female general of a Vietnamese revolution against the Chinese led by the Trưng Sisters in the year 43 C.E.The area which is now known as Duong...
and use by-products from oil-refining.