Petrovietnam Tourism and Services Company, a subsidiary of state oil group Petrovietnam, said on Monday it would make its debut on the country's main stock market, the Ho Chi Minh Stock Exchange, next month.
The Ho Chi Minh City-based firm, also known as Petrosetco, would list all 25,530,000 shares on Sept. 12, Chairman Tran Cong Tao said in a statement.
The firm is valued at $98.5 million, based on the unofficial market's share price of around 62,500 dong ($3.86).
Petrosetco, 51 percent owned by Petrovietnam, provides various services to Vietnam's key energy industry, operates tours, food processing and warehousing services and deals with real estate.
Vietnam is Southeast Asia's third-largest producer of crude oil, its largest foreign exchange earner.
Under a deal signed with a Petrovietnam urea producer for the sale of 100,000 tonnes of urea annually, Petrosetco has been building a network to deliver the fertiliser to central and southern provinces, a report issued to shareholders said.
Petrosetco said it had formed a subsidiary, PV Telecom, to tap the fast rising telecoms market. In May, it started distributing Nokia mobile phones in competition with the country's top information technology firm, FPT.
It is preparing to start construction of a 39-storey building in Ho Chi Minh City in January 2008. The building would have apartments, office and commercial centre space for rent.
Petrosetco expects its 2007 net profit to soar 586 percent from last year to 31.8 billion dong ($1.97 million) and revenues to jump 280 percent to 2.07 trillion dong ($128 million).
In March, Petrosetco signed a deal with Japan's Itochu Corp. to build a $100 million ethanol plant using tapioca chips, Vietnam's first.
When operational in early 2009, the plant would produce 400 million litres of ethanol that would help meet half the bio-ethanol demand in a country which lacks major refineries.
Source: Reuters
Showing posts with label Petrovietnam. Show all posts
Showing posts with label Petrovietnam. Show all posts
Monday, August 20, 2007
Friday, August 03, 2007
Petrovietnam Insurance gets initial listing permit
Petrovietnam Insurance Corporation (PVI), Vietnam's third-largest insurer, has won initial approval to list on the over-the-counter Hanoi stock market (HASTCI), the exchange said on Thursday.
Hanoi-based PVI, the insurance arm of state oil and gas Petrovietnam group, was given approval to list all its 50 million shares, exchange director Tran Van Dung said in a statement.
Dung did not say when PVI would make its share debut.
Shares in PVI fell to 75,000-77,000 dong ($4.65-$4.77) on the unofficial markets this week from 80,000-82,000 dong early last month, valuing the firm at $235 million.
Vietnam's insurance sector has grown rapidly in recent years as domestic economic growth was more than 8 percent in 2005 and 2006. The government expects 9 percent growth in the second half of this year, up from 7.87 percent in the first half.
The Hanoi market said in another statement that PVI had raised 36.8 billion dong ($2.3 million) from selling 483,400 shares on Tuesday at an average price of 76,190 dong.
The shares sold were left from an auction in June in which investors bid but then refused to buy the stocks, the Hanoi market said without giving a reason for the refusal.
The share sale was part of PVI's plan to issue more than 35 million shares, with proceeds going to building three oil tankers, buying stakes in two financial firms and a power plant construction firm in Laos.
Last year, PVI had an 18.09 percent market share of Vietnam's non-life insurance market, making it the third biggest after Bao Viet, which had a 34.94 percent share, and Bao Minh (BMI) with 21.29 percent, industry reports said.
The Hanoi market's index, now with 88 listed firms, fell 0.57 percent to close at 258.52 points on Thursday.
Source: Reuters
Hanoi-based PVI, the insurance arm of state oil and gas Petrovietnam group, was given approval to list all its 50 million shares, exchange director Tran Van Dung said in a statement.
Dung did not say when PVI would make its share debut.
Shares in PVI fell to 75,000-77,000 dong ($4.65-$4.77) on the unofficial markets this week from 80,000-82,000 dong early last month, valuing the firm at $235 million.
Vietnam's insurance sector has grown rapidly in recent years as domestic economic growth was more than 8 percent in 2005 and 2006. The government expects 9 percent growth in the second half of this year, up from 7.87 percent in the first half.
The Hanoi market said in another statement that PVI had raised 36.8 billion dong ($2.3 million) from selling 483,400 shares on Tuesday at an average price of 76,190 dong.
The shares sold were left from an auction in June in which investors bid but then refused to buy the stocks, the Hanoi market said without giving a reason for the refusal.
The share sale was part of PVI's plan to issue more than 35 million shares, with proceeds going to building three oil tankers, buying stakes in two financial firms and a power plant construction firm in Laos.
Last year, PVI had an 18.09 percent market share of Vietnam's non-life insurance market, making it the third biggest after Bao Viet, which had a 34.94 percent share, and Bao Minh (BMI) with 21.29 percent, industry reports said.
The Hanoi market's index, now with 88 listed firms, fell 0.57 percent to close at 258.52 points on Thursday.
Source: Reuters
Sunday, July 22, 2007
PetroVietnam Insurance to list on Ha Noi bourse
PetroVietnam Insurance will list shares at the Ha Noi Securities Trading Centre by the end of this month, under a decision approved by the management board on July 19.
The company will list 50 million shares, worth a total 500 billion VND (31.3 million USD), followed by an additional listing worth 315 billion VND (19.7 million USD) two or three weeks later.
”We chose Ha Noi Securities Trading Centre because we want to meet the timetable of the listing under the requirements of our parent company, PetroVietnam,” said a representative of PetroVietnam Insurance’s legal department.
The company is deciding between Deloitte Viet Nam (previously Vaco) or Earnst & Young to consult for the listings, she added, and was also considering potential strategic partners.
The company plans to sell 149 billion VND (9.3 million USD) worth of shares in the fourth quarter of this year, of which 100 million VND (6.3 million USD) would be sold to a strategic partner, said PetroVietnam Insurance chairman Le Van Hung.
Source: VNA
The company will list 50 million shares, worth a total 500 billion VND (31.3 million USD), followed by an additional listing worth 315 billion VND (19.7 million USD) two or three weeks later.
”We chose Ha Noi Securities Trading Centre because we want to meet the timetable of the listing under the requirements of our parent company, PetroVietnam,” said a representative of PetroVietnam Insurance’s legal department.
The company is deciding between Deloitte Viet Nam (previously Vaco) or Earnst & Young to consult for the listings, she added, and was also considering potential strategic partners.
The company plans to sell 149 billion VND (9.3 million USD) worth of shares in the fourth quarter of this year, of which 100 million VND (6.3 million USD) would be sold to a strategic partner, said PetroVietnam Insurance chairman Le Van Hung.
Source: VNA
Saturday, July 21, 2007
Hapaco to begin building refinery end-2007
Vietnamese tissue paper maker Hapaco (HAP) said on Friday it would begin building a 20,000-bpd oil refinery in the northern port city of Haiphong at the end of this year.
In January the firm said it had secured a deal to borrow $128 million from Sachsen LB bank of Germany to finance a $150-million oil refinery project which is slated to be operational by 2010.
"A management team has been formed to organise construction of the plant by the end of 2007," Hapaco said in a statement published by the Ho Chi Minh Stock Exchange.
Many foreign and local companies have sought to build refineries with investments of under $500 million but none of the projects have materialised so far because of the lack of access to crude oil controlled by state oil group Petrovietnam.
Petrovietnam began building the country's first 130,000-bpd refinery in 2005 and aims to complete the plant by early 2009.
Haiphong-based Hapaco also said in the statement its first half net profit more than tripled to 25 billion dong ($1.55 million), exceeding its target for the whole year of 22 billion dong thanks to expanded production at its new pulp plant.
The firm also said exports -- mainly joss-paper used widely in Taiwan and China for offerings -- during the first six months jumped 37.5 percent from a year earlier to $5.5 million.
It did not provide revenue figures for the first half but said revenue during the period jumped 24.3 percent from a year ago.
Hapaco's stock closed at 86,000 dong ($5.3) on the Ho Chi Minh Stock Exchange on Friday, up 4.88 percent from Thursday.
Source: Reuters
In January the firm said it had secured a deal to borrow $128 million from Sachsen LB bank of Germany to finance a $150-million oil refinery project which is slated to be operational by 2010.
"A management team has been formed to organise construction of the plant by the end of 2007," Hapaco said in a statement published by the Ho Chi Minh Stock Exchange.
Many foreign and local companies have sought to build refineries with investments of under $500 million but none of the projects have materialised so far because of the lack of access to crude oil controlled by state oil group Petrovietnam.
Petrovietnam began building the country's first 130,000-bpd refinery in 2005 and aims to complete the plant by early 2009.
Haiphong-based Hapaco also said in the statement its first half net profit more than tripled to 25 billion dong ($1.55 million), exceeding its target for the whole year of 22 billion dong thanks to expanded production at its new pulp plant.
The firm also said exports -- mainly joss-paper used widely in Taiwan and China for offerings -- during the first six months jumped 37.5 percent from a year earlier to $5.5 million.
It did not provide revenue figures for the first half but said revenue during the period jumped 24.3 percent from a year ago.
Hapaco's stock closed at 86,000 dong ($5.3) on the Ho Chi Minh Stock Exchange on Friday, up 4.88 percent from Thursday.
Source: Reuters
Monday, July 16, 2007
Vietnam fertiliser maker plans Q3 listing
State-run Petrovietnam Fertiliser and Chemicals Company (PVFCC), with a market value of $1.4 billion, plans to list on domestic markets within the third quarter, the company said on Monday.
Shareholders of PVFCC, 60.05 percent owned by state oil and gas Petrovietnam group, have asked its management board to seek a listing either on the Ho Chi Minh Stock Exchange or the over-the-counter Hanoi market, Chairman Dinh Huu Loc said in the statement.
Loc did not say how much PVFCC planned to raise from the listing.
Shares in PVFCC eased to 58,000-60,000 dong ($3.6-$3.7) on the unofficial markets late last week from 63,000-65,000 dong in late June prior to the listing decision.
Shareholders met on June 30 for the first time after PVFCC sold one third of its shares to the public at an initial public offering in April, and raised more than $430 million.
State-run Vietindebank, Vietnam's second-largest by assets, owns 19 million shares in PVFCC, or 5 percent of the company. Asia Commercial Bank (ACB), one of Vietnam's two listed banks, owns 1 percent with 3.8 million shares.
PVFCC operates Vietnam's only fertiliser plant, the Phu My Urea Plant in the southern province of Ba Ria-Vung Tau. Its urea production and the fertiliser it imports meet 40 percent of Vietnam's domestic demand.
Source: Reuters
Shareholders of PVFCC, 60.05 percent owned by state oil and gas Petrovietnam group, have asked its management board to seek a listing either on the Ho Chi Minh Stock Exchange or the over-the-counter Hanoi market, Chairman Dinh Huu Loc said in the statement.
Loc did not say how much PVFCC planned to raise from the listing.
Shares in PVFCC eased to 58,000-60,000 dong ($3.6-$3.7) on the unofficial markets late last week from 63,000-65,000 dong in late June prior to the listing decision.
Shareholders met on June 30 for the first time after PVFCC sold one third of its shares to the public at an initial public offering in April, and raised more than $430 million.
State-run Vietindebank, Vietnam's second-largest by assets, owns 19 million shares in PVFCC, or 5 percent of the company. Asia Commercial Bank (ACB), one of Vietnam's two listed banks, owns 1 percent with 3.8 million shares.
PVFCC operates Vietnam's only fertiliser plant, the Phu My Urea Plant in the southern province of Ba Ria-Vung Tau. Its urea production and the fertiliser it imports meet 40 percent of Vietnam's domestic demand.
Source: Reuters
Wednesday, July 11, 2007
Banks and a finance group lend $156 mln for hydroelectricity plant
All four state-owned banking giants in Vietnam and a financial institution have joined hands to provide VND2.5 trillion (US$156 million) for building a hydropower plant in the northern Son La province.
Following credit deals signed Tuesday, the Industrial and Commercial Bank of Vietnam, the Bank for Investment and Development of Vietnam, Asia Commercial Bank, Military Bank and PetroVietnam Finance Co will provide VND1.92 trillion in long-term loans.
The rest will be provided as working capital by the Bank for Foreign Trade of Vietnam.
The Nam Chien Hydroelectricity Plant will be built at a cost of VND4.17 trillion Nam Chien company in Muong La district.
The 200MW plant will be ready by 2009 or 2010 at the latest.
Power demand is increasing by 20 percent a year while the state-run Electricity of Vietnam has said generation will grow by less than 15 percent.
In recent years the government has adopted priority policies to attract investors in the power sector.
The Ministry of Planning and Investment said several mammoth electricity projects involving investments of billions of dollars by foreign companies were awaiting approval.
In the north, the US’s AES and Vietnam Coal and Mineral Industries Group plan to build the 1,200 MW Mong Duong 2 thermal power plant at a cost of $1.4 billion in Quang Ninh province.
While Japan’s Sumitomo Corp., which has more than 25 projects in Vietnam, is planning to build a 2,640 MW, $4 billion power plant in Khanh Hoa province, in central Vietnam.
In the south, the US’s Cannon Group is seeking to build a 1,000 MW power plant in Dong Nai province, while Singapore’s leading power and integrated utilities firm, SembCorp Utilities Pte. Ltd., looks set to invest $500 million to build a 700 MW plant in Ho Chi Minh City.
Power demand in Vietnam's economy, the world's fastest growing after China, is forecast to grow up to 17 percent per year, driving the government to plan the construction of 60 additional plants by 2020.
Source: Thanh Nien
Following credit deals signed Tuesday, the Industrial and Commercial Bank of Vietnam, the Bank for Investment and Development of Vietnam, Asia Commercial Bank, Military Bank and PetroVietnam Finance Co will provide VND1.92 trillion in long-term loans.
The rest will be provided as working capital by the Bank for Foreign Trade of Vietnam.
The Nam Chien Hydroelectricity Plant will be built at a cost of VND4.17 trillion Nam Chien company in Muong La district.
The 200MW plant will be ready by 2009 or 2010 at the latest.
Power demand is increasing by 20 percent a year while the state-run Electricity of Vietnam has said generation will grow by less than 15 percent.
In recent years the government has adopted priority policies to attract investors in the power sector.
The Ministry of Planning and Investment said several mammoth electricity projects involving investments of billions of dollars by foreign companies were awaiting approval.
In the north, the US’s AES and Vietnam Coal and Mineral Industries Group plan to build the 1,200 MW Mong Duong 2 thermal power plant at a cost of $1.4 billion in Quang Ninh province.
While Japan’s Sumitomo Corp., which has more than 25 projects in Vietnam, is planning to build a 2,640 MW, $4 billion power plant in Khanh Hoa province, in central Vietnam.
In the south, the US’s Cannon Group is seeking to build a 1,000 MW power plant in Dong Nai province, while Singapore’s leading power and integrated utilities firm, SembCorp Utilities Pte. Ltd., looks set to invest $500 million to build a 700 MW plant in Ho Chi Minh City.
Power demand in Vietnam's economy, the world's fastest growing after China, is forecast to grow up to 17 percent per year, driving the government to plan the construction of 60 additional plants by 2020.
Source: Thanh Nien
Monday, July 09, 2007
PetroVietnam subsidiaries fare well after equitisation
The Viet Nam Oil and Gas Group (PetroVietnam) said that its subsidiaries have fared well after going public, with their revenues and profits increasing by an average 50 percent and nearly 100 percent, respectively.
The group pointed to the PetroViet Nam Drilling and Well Service Joint Stock Company, whose revenue rose by 67 percent and profit by 142 percent from its yearly plans in 2006 as proof of the efficient operation of its equitised subsidiaries.
Another subsidiary, the PetroViet Nam Construction Joint Stock Company, also reported a 28-percent increase in revenue last year, it added.
Alongside equitisation, PetroViet Nam is boosting the restructuring of its member companies.
So far, the group has transformed four state-owned enterprises into one-member limited liability companies and three joint stock companies into a holding corporation.
Source: VNA
The group pointed to the PetroViet Nam Drilling and Well Service Joint Stock Company, whose revenue rose by 67 percent and profit by 142 percent from its yearly plans in 2006 as proof of the efficient operation of its equitised subsidiaries.
Another subsidiary, the PetroViet Nam Construction Joint Stock Company, also reported a 28-percent increase in revenue last year, it added.
Alongside equitisation, PetroViet Nam is boosting the restructuring of its member companies.
So far, the group has transformed four state-owned enterprises into one-member limited liability companies and three joint stock companies into a holding corporation.
Source: VNA
Friday, July 06, 2007
Equitisation of oil and gas firms nearly complete
The oil and gas industry has virtually completed its entire equitisation process under a plan to form the Viet Nam Oil and Gas Group (PetroVietnam).
To date, 11 subsidiaries of PetroVietnam have been equitised with more than 289.5 million shares sold, or 94.2 percent of the total offered, close to 2,895 billion VND at face value. It raked in 14,960 billion VND.
The group also restructured the proportion of capital held by the State at its 11 equitised enterprises. As a result the State now holds 61.2 percent, or 4,611 billion VND, of their registered capital with the remaining shares being sold to staff and shareholders to bring in 16,345 billion VND for further business development.
Source: VNA
To date, 11 subsidiaries of PetroVietnam have been equitised with more than 289.5 million shares sold, or 94.2 percent of the total offered, close to 2,895 billion VND at face value. It raked in 14,960 billion VND.
The group also restructured the proportion of capital held by the State at its 11 equitised enterprises. As a result the State now holds 61.2 percent, or 4,611 billion VND, of their registered capital with the remaining shares being sold to staff and shareholders to bring in 16,345 billion VND for further business development.
Source: VNA
Wednesday, June 27, 2007
PVI raises $47 mln in share sale
Petrovietnam Insurance Corp. (PVI), Vietnam's third-largest insurer, said on Wednesday it raised nearly $47 million from an auction of 10 million shares.
Investors paid an average 75,499 dong ($4.7) for shares offered at a starting price of 50,000 dong at the auction on June 26, the company said in a statement issued by the Hanoi stock exchange.
Foreign investors bought more than 1.9 million shares in the auction.
The sale was part of PVI's plan to issue more than 35 million shares to boost its registered capital to $52.9 million before a domestic listing later this year.
PVI has sold 25,135,000 shares to existing shareholders.
The Hanoi-based company raised nearly $117 million by selling 23 percent of its shares in an initial public offering in January.
Last year, PVI had an 18.09 percent share of Vietnam's non-life insurance market, making it the third biggest after state-run Bao Viet, which had a 34.94 percent share, and Bao Minh with 21.29 percent, industry reports said.
PVI said its audited net profit jumped 51.7 percent last year from 2005 to 44 billion dong following a 65.6-percent surge in insurance premiums to 1.16 trillion dong ($72 million).
Since the start of this year, PVI has been expanding from its core insurance business, investing in areas such as crude oil production, banking, stock broking and cement production.
PVI and Petrovietnam have become founding members of a company building several hydro-power plants in Laos.
PVI said its revenues soared 165 percent in the first four months of 2007 from a year earlier to more than 750 billion dong ($46.6 million).
Source: Reuters
Investors paid an average 75,499 dong ($4.7) for shares offered at a starting price of 50,000 dong at the auction on June 26, the company said in a statement issued by the Hanoi stock exchange.
Foreign investors bought more than 1.9 million shares in the auction.
The sale was part of PVI's plan to issue more than 35 million shares to boost its registered capital to $52.9 million before a domestic listing later this year.
PVI has sold 25,135,000 shares to existing shareholders.
The Hanoi-based company raised nearly $117 million by selling 23 percent of its shares in an initial public offering in January.
Last year, PVI had an 18.09 percent share of Vietnam's non-life insurance market, making it the third biggest after state-run Bao Viet, which had a 34.94 percent share, and Bao Minh with 21.29 percent, industry reports said.
PVI said its audited net profit jumped 51.7 percent last year from 2005 to 44 billion dong following a 65.6-percent surge in insurance premiums to 1.16 trillion dong ($72 million).
Since the start of this year, PVI has been expanding from its core insurance business, investing in areas such as crude oil production, banking, stock broking and cement production.
PVI and Petrovietnam have become founding members of a company building several hydro-power plants in Laos.
PVI said its revenues soared 165 percent in the first four months of 2007 from a year earlier to more than 750 billion dong ($46.6 million).
Source: Reuters
PVD expects H1 revenues to double
Petrovietnam rig operator PV Drilling (PVD) said on Wednesday it expects revenues to more than double in the first half of 2007 from a year ago to 920 billion dong ($57 million).
"The rise in revenues is generated mainly by the rent of our new drilling rig," a company spokesman said.
The firm's first-half net profit was expected to reach 205 billion dong ($12.7 million), more than four times that of a year earlier, he said.
PV Drilling has set a target for whole year revenues of $142.8 million and net profit of $35 million this year.
The spokesman said the Ho Chi Minh City-based firm had signed a contract to rent its PV Drilling I rig to an exploration firm in Vietnam for the 2007-2009 period with a monthly rent of $215,000.
The firm said earlier this month it planned to invest about $200 million to purchase a third jackup drilling rig to meet soaring demand from oil explorers.
Last month, it awarded a $191 million contract to Singapore's Keppel Corp. to build its second rig for delivery in 2009.
In March, the firm took delivery of the PV Drilling I rig, also built by Keppel Corp, at a cost of $115 million.
PV Drilling officials have said the company would focus on Vietnamese waters for the next few years as exploration activity was expected to pick up in the area, with an estimated 55 to 60 wells to be drilled this year alone.
Source: Reuters
"The rise in revenues is generated mainly by the rent of our new drilling rig," a company spokesman said.
The firm's first-half net profit was expected to reach 205 billion dong ($12.7 million), more than four times that of a year earlier, he said.
PV Drilling has set a target for whole year revenues of $142.8 million and net profit of $35 million this year.
The spokesman said the Ho Chi Minh City-based firm had signed a contract to rent its PV Drilling I rig to an exploration firm in Vietnam for the 2007-2009 period with a monthly rent of $215,000.
The firm said earlier this month it planned to invest about $200 million to purchase a third jackup drilling rig to meet soaring demand from oil explorers.
Last month, it awarded a $191 million contract to Singapore's Keppel Corp. to build its second rig for delivery in 2009.
In March, the firm took delivery of the PV Drilling I rig, also built by Keppel Corp, at a cost of $115 million.
PV Drilling officials have said the company would focus on Vietnamese waters for the next few years as exploration activity was expected to pick up in the area, with an estimated 55 to 60 wells to be drilled this year alone.
Source: Reuters
Saturday, June 23, 2007
Contract for exploration of offshore oil and gas inked
A product sharing contract (PSC) for the exploration and exploitation of oil and gas on Viet Nam’s northern continental shelf was signed in Ha Noi on June 22.
The agreement was reached between the Viet Nam National Oil and Gas Group (PetroVietnam) and the contractors - PetroVietnam Exploration and Production (PVEP) and Petronas Carigali Overseas Sdn.Bhd.
The two contractors will outlay 57.7 million USD on exploring oil and gas at Block 103-107. Fifty-five percent of the financing is to be contributed by PVEP, a subsidiary of PetroVietnam, and the remainder by Petronas Carigali Overseas, an arm of Malaysian oil giant Petronas.
Block 103-107 covers 11,962 sq.km, around 100 km off the coast at a depth of 25-50 m. Under a contract signed with PetroVietnam in 1988, the French firm Total made three drill-holes at the area to explore oil and gas but were unsuccessful in their efforts.
Recently, the PetroVietnam Investment and Development Company found gas and condensate at Hong Long and Hoang Long structures within the area and reserves have been estimated at 50 billion cu.m of gas and 45 million barrels of condensate.
Source: VNA
The agreement was reached between the Viet Nam National Oil and Gas Group (PetroVietnam) and the contractors - PetroVietnam Exploration and Production (PVEP) and Petronas Carigali Overseas Sdn.Bhd.
The two contractors will outlay 57.7 million USD on exploring oil and gas at Block 103-107. Fifty-five percent of the financing is to be contributed by PVEP, a subsidiary of PetroVietnam, and the remainder by Petronas Carigali Overseas, an arm of Malaysian oil giant Petronas.
Block 103-107 covers 11,962 sq.km, around 100 km off the coast at a depth of 25-50 m. Under a contract signed with PetroVietnam in 1988, the French firm Total made three drill-holes at the area to explore oil and gas but were unsuccessful in their efforts.
Recently, the PetroVietnam Investment and Development Company found gas and condensate at Hong Long and Hoang Long structures within the area and reserves have been estimated at 50 billion cu.m of gas and 45 million barrels of condensate.
Source: VNA
Friday, June 22, 2007
Incombank signs PetroVietnam deal
Industrial Commercial Bank of Viet Nam (Incombank) will act as PetroVietnam’s primary provider of financial services under an agreement signed on June 21 Ha Noi.
PetroVietnam will also offer Incombank opportunities to directly invest in domestic and overseas projects, said Tran Ngoc Canh, general director of the State-owned oil company.
”I do believe that this cooperation will bring more opportunities for both of us in terms of supporting investment capital, expanding operational networks, diversifying business sectors, and exploiting each other’s advantages,” said Incombank general director Pham Huy Hung at the signing ceremony on June 21.
Under the agreement, Incombank would commit loans at favourable interest rates as well as provide other financial services to PetroVietnam and its subsidiaries.
Since the beginning of the year, Incombank has signed similar agreements with local giants like the Viet Nam National Cement Corporation (VNCC), the Viet Nam National Coal and Mineral Industry Group (Vinacomin), and the Viet Nam Post and Telecommunications Group (VNPT).
Hung also said Incombank has speeded up negotiations with leading local companies to become strategic partners as it expands.
Source: VNA
PetroVietnam will also offer Incombank opportunities to directly invest in domestic and overseas projects, said Tran Ngoc Canh, general director of the State-owned oil company.
”I do believe that this cooperation will bring more opportunities for both of us in terms of supporting investment capital, expanding operational networks, diversifying business sectors, and exploiting each other’s advantages,” said Incombank general director Pham Huy Hung at the signing ceremony on June 21.
Under the agreement, Incombank would commit loans at favourable interest rates as well as provide other financial services to PetroVietnam and its subsidiaries.
Since the beginning of the year, Incombank has signed similar agreements with local giants like the Viet Nam National Cement Corporation (VNCC), the Viet Nam National Coal and Mineral Industry Group (Vinacomin), and the Viet Nam Post and Telecommunications Group (VNPT).
Hung also said Incombank has speeded up negotiations with leading local companies to become strategic partners as it expands.
Source: VNA
Wednesday, June 20, 2007
PetroVietnam earnings up 2%
Despite lower than expected output on certain overseas operations, Viet Nam Oil and Gas Group (PetroVietnam) on June 19 reported a revenue of 84.6 trillion VND (5.3 billion USD) in the first half of the year, up 2.8% over the same period in 2006.
The State-owned enterprise hopes to generate over 168 trillion VND by the end of the year.
In the first two quarters, the company produces 11.73 million tonnes of gas and oil, which executives consider strong but below expectations. The figure represents 47.3% of the company’s 2007 target.
“The amount of gas and oil produced was still large. We could have exploited more but we didn’t because it would have affected oil and gas fields,” Tran Ngoc Canh, general director of Petrovietnam, was quoted as saying in a press release issued on June 19.
Despite the shortcomings, PetroVietnam signed four contracts during the first six months of the year to explore other offshore oil fields in Viet Nam. The company now has nine exploration contracts in place with foreign partners.
PetroVietnam also reported its service sector developed well over the two quarters with 16 trillion VND (1 billion USD) in revenues generated through these activities. The figure represents about 19% of the company's overall earnings.
"PetroVietnam hopes to become interdisciplinary. We will develop into many different fields including finance, banking and securities," said Dinh La Thang, PetroVietnam chairman.
The company hopes services will account for 50% of its overall revenue by 2025.
Since January, PetroVietnam has invested 18.9 trillion VND in new and ongoing projects. It also contributed 30 trillion VND (1.8 billion USD) to the State budget in the six months, down nearly 10% year-on-year.
Oil and gas exports in the first two quarters reached 7.68 million tonnes, about 46.5% of the company's annual target. The oil and gas output for the second half of 2007 is expected to reach 13.15 million tonnes.
Source: VNA
The State-owned enterprise hopes to generate over 168 trillion VND by the end of the year.
In the first two quarters, the company produces 11.73 million tonnes of gas and oil, which executives consider strong but below expectations. The figure represents 47.3% of the company’s 2007 target.
“The amount of gas and oil produced was still large. We could have exploited more but we didn’t because it would have affected oil and gas fields,” Tran Ngoc Canh, general director of Petrovietnam, was quoted as saying in a press release issued on June 19.
Despite the shortcomings, PetroVietnam signed four contracts during the first six months of the year to explore other offshore oil fields in Viet Nam. The company now has nine exploration contracts in place with foreign partners.
PetroVietnam also reported its service sector developed well over the two quarters with 16 trillion VND (1 billion USD) in revenues generated through these activities. The figure represents about 19% of the company's overall earnings.
"PetroVietnam hopes to become interdisciplinary. We will develop into many different fields including finance, banking and securities," said Dinh La Thang, PetroVietnam chairman.
The company hopes services will account for 50% of its overall revenue by 2025.
Since January, PetroVietnam has invested 18.9 trillion VND in new and ongoing projects. It also contributed 30 trillion VND (1.8 billion USD) to the State budget in the six months, down nearly 10% year-on-year.
Oil and gas exports in the first two quarters reached 7.68 million tonnes, about 46.5% of the company's annual target. The oil and gas output for the second half of 2007 is expected to reach 13.15 million tonnes.
Source: VNA
Strategic partnerships booming
Strategic partnerships have become a popular option for businesses, especially in the volatile circumstances of the growing domestic stock market and growing globalisation.
The most notable agreement is a partnership between PetroVietnam and Lilama in the energy, cement, engineering manufacturing, shipbuilding, transport, real estate, finance and banking sectors. PetroVietnam and Lilama are also considering the possibility of trading shares and sharing investment capital to become founding shareholders.
The Hua Na hydroelectric project is one result of their agreement. The company, with chartered capital of VND1.2tril, was established to own the hydropower plant.
PetroVietnam has already signed a comprehensive agreement with Vietnam Airlines to start an air taxi joint stock company, while Lilama has inked a construction and banking services agreement with Military Bank.
Two State-run groups, Bao Viet and VNPT, recently signed a strategic co-operative agreement where by the former will be responsible for insuring property, equipment, human resource and other VNPT assets, while the latter will become the post and telecom service provider to Bao Viet.
In the distribution sector, the four biggest Vietnamese retailers, Ha Noi Trade Corporation (Hapro), Sai Gon Trade Corporation (Satra); Sai Gon Co-op and Phu Thai Group, have decided to join forces to set up Viet Nam Distribution Association Network (VDA), which is hoped will become the leading distribution and logistics group in Vietnam and will pre-empt and compete effectively with large foreign distributors.
Under its WTO commitments, Vietnam will open its distribution market in 2009. Meanwhile, giant distribution groups are already present in Vietnam, including Metro, Big C and Parkson. In the future Lotte Shopping, Carefour and Wal-mart are expected.
With an investment capital of VND1.5tril ($93.75mil) in the first period of investment (March 2007-October 2008) and VND3-6tril ($187.5-375mil) in the second (November 2008-October 2011), VDA will focus on the development of modern trade centres, supermarkets and hypermarkets, which are planned to control a majority share of the distribution market.
During its debut ceremony, VDA signed three strategic co-operative agreements with Viet Nam National Shipping Lines (Vinalines), Viet Nam Association of Seafood Exporters and Producers (VSAP) and Bank for Investment and Development of Viet Nam (BIDV).
Intel Vietnam has inked a MoU on co-operation with Electricity of Viet Nam (EVN) Group to implement IT solutions in the sector and so strengthen its competitiveness.
However the record to ink strategic agreements must go to Hanaka group joint stock company based in Bac Ninh Province, which has become strategic partners with 10 local and foreign companies such as Japanese Sumitomo, Korean Golden Bridge, Vietcombank and Bach Dang Shipyard.
Source: VNE
The most notable agreement is a partnership between PetroVietnam and Lilama in the energy, cement, engineering manufacturing, shipbuilding, transport, real estate, finance and banking sectors. PetroVietnam and Lilama are also considering the possibility of trading shares and sharing investment capital to become founding shareholders.
The Hua Na hydroelectric project is one result of their agreement. The company, with chartered capital of VND1.2tril, was established to own the hydropower plant.
PetroVietnam has already signed a comprehensive agreement with Vietnam Airlines to start an air taxi joint stock company, while Lilama has inked a construction and banking services agreement with Military Bank.
Two State-run groups, Bao Viet and VNPT, recently signed a strategic co-operative agreement where by the former will be responsible for insuring property, equipment, human resource and other VNPT assets, while the latter will become the post and telecom service provider to Bao Viet.
In the distribution sector, the four biggest Vietnamese retailers, Ha Noi Trade Corporation (Hapro), Sai Gon Trade Corporation (Satra); Sai Gon Co-op and Phu Thai Group, have decided to join forces to set up Viet Nam Distribution Association Network (VDA), which is hoped will become the leading distribution and logistics group in Vietnam and will pre-empt and compete effectively with large foreign distributors.
Under its WTO commitments, Vietnam will open its distribution market in 2009. Meanwhile, giant distribution groups are already present in Vietnam, including Metro, Big C and Parkson. In the future Lotte Shopping, Carefour and Wal-mart are expected.
With an investment capital of VND1.5tril ($93.75mil) in the first period of investment (March 2007-October 2008) and VND3-6tril ($187.5-375mil) in the second (November 2008-October 2011), VDA will focus on the development of modern trade centres, supermarkets and hypermarkets, which are planned to control a majority share of the distribution market.
During its debut ceremony, VDA signed three strategic co-operative agreements with Viet Nam National Shipping Lines (Vinalines), Viet Nam Association of Seafood Exporters and Producers (VSAP) and Bank for Investment and Development of Viet Nam (BIDV).
Intel Vietnam has inked a MoU on co-operation with Electricity of Viet Nam (EVN) Group to implement IT solutions in the sector and so strengthen its competitiveness.
However the record to ink strategic agreements must go to Hanaka group joint stock company based in Bac Ninh Province, which has become strategic partners with 10 local and foreign companies such as Japanese Sumitomo, Korean Golden Bridge, Vietcombank and Bach Dang Shipyard.
Source: VNE
Monday, June 18, 2007
Malaysia's Petronas increases stake in Vietnam firm
Malaysian state oil firm Petronas said on Monday it had agreed to acquire a stake in a Vietnamese chemical firm from the country's state oil monopoly Petrovietnam.
Petrovietnam will transfer its stake of 43% in polyvinyl chloride manufacturer Phu My Plastics and Chemicals to an international investment subsidiary of the Malaysian firm, Petronas International Corp Ltd, Petronas said in a statement.
It gave no financial details of the transaction.
The two parties were in the final stages of finalising the documents prior to seeking approval from Vietnamese authorities, Petronas added.
Petronas, which now owns 50% of Phu My, said it had also begun transferring its own stake to its investment unit, which will eventually own 93% of the Vietnamese company. Phu My owns and runs a PVC plant of 100,000 tonnes annual capacity in the province of Ba Ria Vung Tau, about 85 km southeast of Ho Chi Minh City.
Source: Reuters
Petrovietnam will transfer its stake of 43% in polyvinyl chloride manufacturer Phu My Plastics and Chemicals to an international investment subsidiary of the Malaysian firm, Petronas International Corp Ltd, Petronas said in a statement.
It gave no financial details of the transaction.
The two parties were in the final stages of finalising the documents prior to seeking approval from Vietnamese authorities, Petronas added.
Petronas, which now owns 50% of Phu My, said it had also begun transferring its own stake to its investment unit, which will eventually own 93% of the Vietnamese company. Phu My owns and runs a PVC plant of 100,000 tonnes annual capacity in the province of Ba Ria Vung Tau, about 85 km southeast of Ho Chi Minh City.
Source: Reuters
EVN and PetroVietnam join forces
PetroVietnam and fellow State-owned conglomerate Electricity of Viet Nam signed an agreement on investment in electricity projects.
Under the contract, PetroVietnam and EVN will invest in power plants in the province of Dong Nai, Vinh Tan, and in Laos and Cambodia.
The corporations will also invest in a five-star restaurant, commercial centre and 80-storey tower in My Dinh along with a host of other domestic projects.
They also plan to work together on power and oil projects in Venezuela and Cuba, said deputy general director of EVN Vu Quang Nam.
Source: VNS
Under the contract, PetroVietnam and EVN will invest in power plants in the province of Dong Nai, Vinh Tan, and in Laos and Cambodia.
The corporations will also invest in a five-star restaurant, commercial centre and 80-storey tower in My Dinh along with a host of other domestic projects.
They also plan to work together on power and oil projects in Venezuela and Cuba, said deputy general director of EVN Vu Quang Nam.
Source: VNS
Saturday, June 16, 2007
Electricity, Oil and Gas Corporation make debut
The Viet Nam National Oil and Gas Group (PetroVietnam) rolled out a new subsidiary energy services company in Ha Noi, on June 15.
The Electricity, Oil and Gas Corporation has registered capital of 7.6 trillion VND and will be active in electricity production and services, investment in electricity projects, imports and exports of energy and materials.
Le Hong Tinh, General Director of the Electricity, Oil and Gas Corporation, said that the corporation is aiming to eventually churn out about 30-40% of the country’s total electrical output.
Source: VNA
The Electricity, Oil and Gas Corporation has registered capital of 7.6 trillion VND and will be active in electricity production and services, investment in electricity projects, imports and exports of energy and materials.
Le Hong Tinh, General Director of the Electricity, Oil and Gas Corporation, said that the corporation is aiming to eventually churn out about 30-40% of the country’s total electrical output.
Source: VNA
Friday, June 15, 2007
PetroVietnam subsidiaries to cooperate
Three PetroVietnam subsidiaries on June 14 signed a collaboration agreement on risk management, insurance and financial services for a five-year period.
PetroVietnam Insurance (PVI) would provide insurance services to PV Exploitation and Production (PVEP) projects, as well as insurance and finance training courses for staff at the partner company.
Under the agreement, PVI and PVFC (PetroVietnam Finance Corporation) would also join in PVEP’s investment activities, as well as insurance activities for projects.
PVEP’s general director, Nguyen Van Minh, said the agreement also had PVEP using PVI as a consultant on risk management and insurance for projects that PVEP invests in.
”PVEP at present is conducting 30 domestic projects for oil exploitation, and eight foreign ones with Malaysia, Venezuela and Middle East countries,” said Minh.
”Insurance is necessary to ensure the speed and the effectiveness of the projects.”
PVFC was also set to become a trustee of capital, with a preferential interest rate, for PVEP and PVI projects.
Chairman of PetroVietnam Dinh La Thang said that while it was not the first collaboration between the domestic subsidiaries, he hoped the agreement would help raise the quality of oil as well as promote the effectiveness of Viet Nam’s oil and gas activities.
Source: VNA
PetroVietnam Insurance (PVI) would provide insurance services to PV Exploitation and Production (PVEP) projects, as well as insurance and finance training courses for staff at the partner company.
Under the agreement, PVI and PVFC (PetroVietnam Finance Corporation) would also join in PVEP’s investment activities, as well as insurance activities for projects.
PVEP’s general director, Nguyen Van Minh, said the agreement also had PVEP using PVI as a consultant on risk management and insurance for projects that PVEP invests in.
”PVEP at present is conducting 30 domestic projects for oil exploitation, and eight foreign ones with Malaysia, Venezuela and Middle East countries,” said Minh.
”Insurance is necessary to ensure the speed and the effectiveness of the projects.”
PVFC was also set to become a trustee of capital, with a preferential interest rate, for PVEP and PVI projects.
Chairman of PetroVietnam Dinh La Thang said that while it was not the first collaboration between the domestic subsidiaries, he hoped the agreement would help raise the quality of oil as well as promote the effectiveness of Viet Nam’s oil and gas activities.
Source: VNA
PVD to buy third jackup rig
Petrovietnam's drilling arm, PV Drilling (PVD), plans to purchase a third jackup drilling rig to meet soaring demand from oil explorers, a company official said on Tuesday.
"We have plan to place the order for our third rig within this year," the official from the Ho Chi Minh City-based firm said.
He said the offshore rig would cost around $200 million.
The company has not yet decided on a supplier for the new rig.
Last month, it awarded a $191 million contract to Singapore's Keppel Corp. a contract to build its second rig for delivery in 2009.
In March, the firm took delivery of its first rig, also built by Keppel Corp, at a cost of $115 million.
PV Drilling said it had already signed a two-year drilling contract worth $150 million with Petrovietnam's oil exploration joint venture for its first rig.
PV Driling officials have said the company would focus on Vietnamese waters for the next few years where exploration activity was expected to pick up, with an estimated 55 to 60 wells to be drilled this year alone.
Earlier this month, PV Drilling's parent state oil Petrovietnam said it would start offering to foreign oil explorers seven offshore oil blocks via a competitive licensing tender on June 11 as part of a drive to shore up the country's crude oil reserves.
Source: Reuters
"We have plan to place the order for our third rig within this year," the official from the Ho Chi Minh City-based firm said.
He said the offshore rig would cost around $200 million.
The company has not yet decided on a supplier for the new rig.
Last month, it awarded a $191 million contract to Singapore's Keppel Corp. a contract to build its second rig for delivery in 2009.
In March, the firm took delivery of its first rig, also built by Keppel Corp, at a cost of $115 million.
PV Drilling said it had already signed a two-year drilling contract worth $150 million with Petrovietnam's oil exploration joint venture for its first rig.
PV Driling officials have said the company would focus on Vietnamese waters for the next few years where exploration activity was expected to pick up, with an estimated 55 to 60 wells to be drilled this year alone.
Earlier this month, PV Drilling's parent state oil Petrovietnam said it would start offering to foreign oil explorers seven offshore oil blocks via a competitive licensing tender on June 11 as part of a drive to shore up the country's crude oil reserves.
Source: Reuters
PVD to raise $38 mln in share issue
Petrovietnam's drilling arm, PV Drilling (PVD), plans to raise $37.8 million via the issue of more than 42 million shares by September as it looks to grow its equipment leasing business and pay a dividend.
Exploration activity around Vietnam is expected to accelerate in the next few years, with 300 wells in operation during 2006-2010, the company said.
Chief Executive Do Van Khanh said in a statement seen on Monday that Petrovietnam Drilling and Well Services Corp. would issue the shares to existing investors and institutions.
PV Drilling said it has a 10% share of Vietnam's drilling market, but has around 80% of the market for providing drilling equipment and well maintenance services.
Ho Chi Minh City-based PV Drilling expects to raise 609 billion dong ($37.8 million) to "contribute 51% of the 1,000 trillion dong registered capital to establish PVD Invest Company and add to business funds," Khanh said.
PVD Invest will import oil rigs and drilling equipment to lease to oil and gas firms operating off Vietnam's coast. In a pre-issue prospectus, PV Drilling said PVD Invest would invest in a $200 million multi-functional jackup rig.
PV Drilling forecast 2007 net revenue would jump 61.8% to 2.3 trillion dong ($142.8 million) and net profit would more than quadruple to 560 billion dong as its new jackup started operations in March.
In August, PV Drilling expects to operate its first land rig in Algeria as part of its business expansion.
Its prospectus showed revenue growth would slow to 8.7% in 2008. It gave no reason for this.
Shares in PV Drilling closed down 2.4% on the Ho Chi Minh Stock Exchange on Monday, valuing the company at a little over $1 billion.
January-March net profit rose to 36.4 billion dong, around 30% of the 2006 full-year net, which itself more than doubled to 120 billion dong.
Khanh said PV Drilling will sell 31.28 million shares to existing shareholders next month under a 100-for-46 plan at 10,000 dong each. The shares will be listed on Aug. 17.
Existing investors are entitled to a 14% dividend payment in shares and a bonus share award, for which PV Drilling will issue a combined 9.52 million shares for listing on July 11.
Institutional investors will bid for the remaining 1.34 million shares before Sept. 4.
As of March 16, state oil and gas group Petrovietnam held 51% of PV Drilling. Foreign institutions and individual investors owned a combined 11.71%, the prospectus said.
State-run Vietcombank, slated for its own IPO in July or August, had a 4.41% stake in PV Drilling.
Source: Reuters
Exploration activity around Vietnam is expected to accelerate in the next few years, with 300 wells in operation during 2006-2010, the company said.
Chief Executive Do Van Khanh said in a statement seen on Monday that Petrovietnam Drilling and Well Services Corp. would issue the shares to existing investors and institutions.
PV Drilling said it has a 10% share of Vietnam's drilling market, but has around 80% of the market for providing drilling equipment and well maintenance services.
Ho Chi Minh City-based PV Drilling expects to raise 609 billion dong ($37.8 million) to "contribute 51% of the 1,000 trillion dong registered capital to establish PVD Invest Company and add to business funds," Khanh said.
PVD Invest will import oil rigs and drilling equipment to lease to oil and gas firms operating off Vietnam's coast. In a pre-issue prospectus, PV Drilling said PVD Invest would invest in a $200 million multi-functional jackup rig.
PV Drilling forecast 2007 net revenue would jump 61.8% to 2.3 trillion dong ($142.8 million) and net profit would more than quadruple to 560 billion dong as its new jackup started operations in March.
In August, PV Drilling expects to operate its first land rig in Algeria as part of its business expansion.
Its prospectus showed revenue growth would slow to 8.7% in 2008. It gave no reason for this.
Shares in PV Drilling closed down 2.4% on the Ho Chi Minh Stock Exchange on Monday, valuing the company at a little over $1 billion.
January-March net profit rose to 36.4 billion dong, around 30% of the 2006 full-year net, which itself more than doubled to 120 billion dong.
Khanh said PV Drilling will sell 31.28 million shares to existing shareholders next month under a 100-for-46 plan at 10,000 dong each. The shares will be listed on Aug. 17.
Existing investors are entitled to a 14% dividend payment in shares and a bonus share award, for which PV Drilling will issue a combined 9.52 million shares for listing on July 11.
Institutional investors will bid for the remaining 1.34 million shares before Sept. 4.
As of March 16, state oil and gas group Petrovietnam held 51% of PV Drilling. Foreign institutions and individual investors owned a combined 11.71%, the prospectus said.
State-run Vietcombank, slated for its own IPO in July or August, had a 4.41% stake in PV Drilling.
Source: Reuters
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