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Since May, 1995, The Vietnam Oil and Gas Corporation was created by the
Prime Minister on a State -owned Corporation, with its acronym as
PETROVIETNAM for international transactions; the former operation was the
Vietnam Oil & Gas Company under the Vietnam Oil and Gas Company
(PetroVietnam) from 1975. In August 2006, the corporation was restructured by
Prime Minister to the Vietnam National Oil and Gas Group (Petrovietnam).
The Vietnam Oil and Gas Group had expanded their businesses in major heavy
industrial fields as Exploration & Production, Refining, Gas, Petrochemical,
Marketing & Trading, Maritime & Logistics, and Finance. The year 2007 is the
second year PetroVietnam carried out Oil and Gas Industry Development
Strategy and it was successfully completed in first six months of the year with
US$3.7 billion revenue from crude oil exporting. Meanwhile, for the year 2008,
PetroVietnam also planned to push investing in Real estate and hospitality
services management that it intends to mobilize US$500-800 million to develop
real estate and high-end tourism zones in Ha Noi and the northern province of
Ninh Binh.
PetroVietnam currently has a workforce of over 22,000 people supporting its
various businesses and operations. About one-fourth of these employees have
been with PETROVIETNAM for at least 15 years, lending their experience and
expertise to achieving the Group’s goals and objectives.
With 32 subsidiaries and 23 joint-ventures, the Group efforts itself in following
form of big oil and gas group of China such as CNOOC, CNPC-PetroChina and
Sinopec, As Petrovietnam also signed cooperation agreement on oil and gas
exploitation with Petronas Malaysia, the Group are fostering its position in local
market to expand in overseas markets.