The Viet Nam Oil and Gas Group (PetroVietnam) has been granted permission by the prime minister to find new funds.
A governmental decision stipulates that the company can mobilise business capital by issuing bonds and certificates of deposit or by taking out loans with financial institutions.
The group has the right to decide its own investment projects and to set its own selling and buying prices – excluding public services, which are set by the State.
PetroVietnam is also legally permitted to set up, disband or transfer ownership of its subsidies, branches and representative offices at home and abroad.
Under the terms of the law on petroleum, PetroVietnam can directly produce and trade petroleum products and equipment.
The decision also stipulates that the government and the prime minister have the right to make decisions on establishment, reorganisation, disbandment and equitisation of PetroVietnam, according to the wishes of its management board and the ministers of industry, finance, and planning and investment. The decision also requests PetroVietnam to make its financial reports available at short notice.
The group wholly owns six subsidiaries and 50% of 11 other subsidiaries.
Source: VNS
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