PANO – Despite its recent establishment, this Association has proved to be a strong and active organisation in carrying out the traditional activities of Uncle Ho’s soldiers, stressed Lieutenant-General Tran Hanh, head of the Vietnam Veterans’ Association at a ceremony to mark the first anniversary of the PetroVietnam Veterans’ Association on December 21st in Hanoi, and also to celebrate the 66th Anniversary of the founding of Vietnam People’s Army (December 22nd), 21st Anniversary of All-People National Defence Festive Day (December 22nd), and 21st Anniversary of Vietnam Veterans’ Association. Founded on December 15, 2009, the Association has expanded its branches from 15 to 17 with, at present, 2,764 members, the highest number in the central agencies. The Association has also actively taken part in activities in campaigns, “Study and Follow the Moral Example of Uncle Ho”, “Striving to be a Party member”. Besides, its … [Read more...] about PetroVietnam Veterans’ Association reviews achievements
Petrovietnam
Transport minister in the spotlight over PetroVietnam leadership
Transport Minister Dinh La Thang, who has not hesitated to propose and take controversial measures since he took office last July, is in the spotlight again, this time for his role at the helm of the state-owned Vietnam Oil and Gas Group (Petrovietnam). Thang’s backing for a proposal to collect “personal vehicles fees” from car and motorbike owners as well as fees for cars entering or leaving downtown areas in major cities during rush hour has generated heated public debate. The Government Inspectorate has announced that it has found wrongdoings at PetroVietnam and at a press conference held Thursday (April 5) to announce results of the agency’s first quarter activities, deputy chief inspector Ngo Van Khanh, said the “responsibility of the leader (of PetroVietnam)” had to be considered. “However, sometimes the wrongdoings were deliberately made by subordinates who have already admitted their responsibility,” he said, answering … [Read more...] about Transport minister in the spotlight over PetroVietnam leadership
PetroVietnam causes $874 mln state budget loss
The state-run Vietnam National Oil and Gas Group, or PetroVietnam (PVN), has made several wrongdoings in capital and asset management, as well as investing in non-core businesses, which cost the state budget a huge sum of VND18.2 trillion, or $873.6 million, the Vietnam State Inspectorate (VSI) told a press briefing yesterday. For illustration purposes only >> Wrongdoings at Song Da Corp cost state $512 mln The total capital of PVN at the end of 2010 was some VND466 trillion, and revenues it reaped in the 2006 – 2010 period topped nearly VND689.5 trillion, VSI said, citing figures from PVN’s audited financial report. “With such a massive sum of capital and asset in hands, PVN has made a lot of mistaken investments and capital allocations,” said a VSI representative, while petitioning that VND18.2 trillion be returned to the state budget. PVN has defied the laws to earmark more than VND15.6 trillion from the profits earned from selling oil and gas for … [Read more...] about PetroVietnam causes $874 mln state budget loss
PetroVietnam quits Hanoi skyscraper project under divestment plan
State oil and gas group PetroVietnam said it has withdrawn from a skyscaper project in Hanoi as part of its plan to divest from sectors outside its main business scope. PetroVietnam will no longer invest in the 102-story PVN Tower, slated to become the tallest skyscraper in Vietnam, news website VnExpress reported Tuesday, citing Chairman Phung Dinh Thuc. The decision came after the government ordered state-owned enterprises to gradually withdraw from non-core businesses in sectors like securities, finance and real estate, the report said. According to VnExpress, PetroVietnam Construction JSC, a subsidiary of PetroVietnam, is the developer of the project. A source from the company said it is seeking investment from private and foreign investors and will not use state capital or PetroVietnam's funds to finance the development. The source also said construction was scheduled to start this year, but the plan may need to be revised due to difficult market conditions. … [Read more...] about PetroVietnam quits Hanoi skyscraper project under divestment plan
PetroVietnam insurance arm’s financial rating maintained at B
A.M. Best Co has maintained its financial capacity ratings of B+ (Good) and credit capacity for share-issuance rankings of bbb- (qualified) as before for PetroVietnam Insurance Corp (PVI), newswire Vneconomy reported. The financial ratings with stable outlook assigned have been released after the insurance firm, an affiliate of the Vietnam National Oil and Gas Group (PetroVietnam), restructured its organization from a non-life operating entity to a holding company in June 2011. Effective June 28, 2011, PVI JSC has been renamed PVI Holdings and the corporate structure has been changed to a holding company from a non-life operating entity. Under the restructuring, PVI Holdings has direct interest in a non-life insurer (PVI Insurance), a reinsurer (PVI Reinsurance - PVI Re), a hospital (PVI Hospital JSC), an investment company (PVI Investment and Development JSC) and a media company (PVI Media). The A.M.Best's evaluation reflected the Hanoi-based corporation's business results and … [Read more...] about PetroVietnam insurance arm’s financial rating maintained at B