New chairman of PetroVietnam officially takes office

Prime Minister Nguyen Xuan Phuc handing over the appointment to Tran Sy Thanh

The prime minister highly appreciated efforts and results PetroVietnam achieved despite the many difficulties it faces and the falling oil prices over the last years.

“In 2017, PetroVietnam exceeded the crude oil and gas exploration target, confirmed its position as one of the key industrial and trade corporations, contributing to the general success of the country,” assessed the prime minister.

PM Phuc also emphasised the important position and role of PetroVietnam in the development and defence of the country, as well as the energy sector’s effective production and operation.

The prime minister asked Tran Sy Thanh and the management board of PetroVietnam to implement seven tasks. Of these, the group needs to focus on handling five projects suffering from mismanagement and losses - Dinh Vu Polyester, Dung Quat Shipbuilding, and three biofuel plants.

PetroVietnam also needs to review and restructure its resources, conduct restructuring, equitisation, and divestment during the 2017-2020 period as the approved plan. The group needs to submit its general restructuring plan for 2017-2020 to the prime minister in the first quarter of 2018.

“Thereby, a series of delayed projects are waiting for the new chairman and the leaders of the group to strengthen and accelerate progress,” said PM Phuc.

Thanh expressed his great honour and acknowledged his responsibilities to accomplish the tasks assigned.

According to PetroVietnam, the exploration of domestic oil exceeded the target (1.29 million tonnes) by 10.5 per cent, gas exploration by 3 per cent, and power generation by 2.4 per cent. Similarly, petroleum production from Dung Quat Refinery surpassed the target by 19.5 per cent, total revenue by 13.8 per cent, and state budget contribution by 30.8 per cent (by $1.01 billion). Additionally, the group's consolidated net profit hit VND31.9 trillion ($1.4 billion).

Trial of Dinh La Thang and 21 others to start on January 8 On January 8, 2018, the Hanoi People’s Court will open the first instance hearing of the trial of Dinh La Thang and 21 other defendants in relation to serious economic crimes at PetroVietnam Construction Corporation (PVC), according to newswire Vnexpress.

New PetroVietnam chairman appointed after nearly a year of vacancy On December 24, 2017, Tran Sy Thanh, member of the Central Party Committee and Secretary of the Lang Son Party Committee, was appointed by the Politburo as chairman of Vietnam National Oil and Gas Group (PetroVietnam) and Deputy Chairman of the Central Party Committee's Economic Commission.

Former PVN General Director to be prosecuted The police on Tuesday decided to prosecute former General Director of the Viet Nam National Oil and Gas Group (PetroVietnam) Phung Dinh Thuc for causing serious economic loss.

Dinh La Thang arrested and facing legal proceedings Dinh La Thang - a member of the Party Central Committee and deputy chairman of the committee's Economic Commission, was arrested on December 8, 2017 by the Investigation Police Department in relation to two serious economic crimes during his chairmanship of the Member Council of Vietnam's oil and gas group PetroVietnam.