PetroVietnam, or Vietnam Oil and Gas Group (PVN), was founded in 1977 as a Vietnamese oil and gas concern sponsored by the Central Government of Vietnam. Under the direction of government officials from the Departments of the Interior and Energy, PetroVietnam has responsibility of all aspects of oil and gas exploration and production for all of the country’s people. This would include storage, processing, transportation, distribution and utility services.
Through the use of international cooperation and a complex group of subsidiaries, PetroVietnam maintains operations in a number of other Asian countries and the Middle East. These countries include Malaysia, Indonesia, Mongolia, Myanmar and Algeria as well as oil recovery operations in Iraq. The company is also involved in joint venture partnerships with the likes of oil and gas giants such as BP and Conoco Phillips. It’s worth noting that BP has been actively trying to sell off its interests, receiving a lot of attention from India, which is desperately trying to find solutions to the country’s fast-growing need for energy resources in an explosive economy.
The company’s most recent major development revolves around securing $1.0 billion in government bond proceeds and funding from BNP Paribas for the purpose of the development and operation of Vietnam’s Dung Quat oil refinery Plant No 1, which was put into service in August of 2010.
PetroVietnam maintains its primary headquarters in Hanoi, Vietnam. The company is led by appointed government officials, who oversee more than 14,000 employees located throughout the region. From operations that include oil, natural gas, coal and electricity, the company reported operating revenues of approximately $37 billion (USD converted) for the fiscal year ended 2012. Those revenues were part and parcel to creating net operating income of approximately $5.4 billion for the same time period. As a state-owned entity, these numbers should be considered estimates.