Vietnam Oil and Gas Corporation (PetroVietnam) is a state-owned business enterprise established in 1975 by the Government of Vietnam to conduct petroleum operations and enter into petroleum contracts with organizations and individuals in accordance with the Petroleum Law of Vietnam.

         PetroVietnam, on behalf of the Government of Vietnam, is entitled to make decisions on strategies, plans and policies for and development of the petroleum industry, including cooperation with foreign entities, signing petroleum contracts as well as implementing monitoring, inspecting and supervising petroleum operations. Besides, PetroVietnam is also a business partner to participate in and assist foreign partners in petroleum operations. Any petroleum exploration and production activities by foreign organizations in Vietnam are subject to cooperation with PetroVietnam.

          PetroVietnam, since its inception, has grown into a full-integrated oil and gas entity engaged in a broad spectrum of petroleum and related value-adding business activities in both the upstream and downstream sectors. Today, with 45 subsidiaries, affiliates, and joint venture companies, employing a workforce of over 15,000 people and total 2001 revenue of over USD 3 billion, PetroVietnam operates not only within the boundary of Vietnam but also worldwide. Its name has been listed among the global’s largest 500 companies. PetroVietnam is doing business in the following fields:

• Conducting research, exploring, exploiting, processing, storing, transporting, and providing services in petroleum fields
• Import and export of petroleum material and equipment, crude oil, gas, and petrochemical products
• Petroleum and petrochemical product sales and distribution
• Surveying, engineering, constructing, leasing, and repairing of floating facilities for civil and petroleum use and consulting services for these areas
• Constructing and managing petroleum infrastructures
• Managing financial resources for the petroleum industry
• Petroleum insurance and reinsurance
• Personnel training and supply for the petroleum industry.

PetroVietnam’s goal is to contribute to the well being of the people and the nation in which it operates. PetroVietnam’s contributions are designed to assist in enhancing the quality of life of the people and the development of the nation by the provision of quality petroleum and related products and services at a fair price, by promoting and creating business and job opportunities in the petroleum industry and enlarging the country’s industrial base, and by ensuring a safe and clean environment.

        PetroVietnam focuses its energy and allocates its resources to the petroleum business, which is its core business. PetroVietnam welcomes the international cooperation for development and adding value to these resources, in Vietnam and in other countries, on a basis of increasing mutual benefits for all the parties.

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