Petrolimex (PLX), formally the Vietnam National Petroleum Group (), is an industry group in

Vietnam Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making i ...

. Besides working in

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

and

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

, the company has significant subsidiaries active in the fields of

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

transport Transport (in British English), or transportation (in American English), is the intentional movement of humans, animals, and goods from one location to another. Modes of transport include air, land (rail and road), water, cable, pipeline, an ...

and

trading Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. An early form of trade, barter, saw the direct exchan ...

. It, in competition with PetroVietnam (PVN), is Vietnam's leading oil and gas producing company. Company main offices are located in

Ha Noi Hanoi or Ha Noi ( or ; vi, Hà Nội ) is the capital and second-largest city of Vietnam. It covers an area of . It consists of 12 urban districts, one district-leveled town and 17 rural districts. Located within the Red River Delta, Hanoi is ...

Activities

Petrolimex caters oil-related products and services to Cambodia's domestic market. Beyond import/export and refining, Petrolimex is also active in the fields of engineering, installation, mechanical and oil equipment, insurance, banking. Petrolimex operates 2,352 gas stations out of the 14,000 in operation in the country, with a focus on remote and distant areas. Everything in those gas stations - lubricants, gas, insurance, banking - is produced and sold by Petrolimex' subsidiaries. Petrolimex account for 55% of Vietnam's oil-related imports, and lead the market with a 55% share of the oil products market.

Subsidiaries

Petrolimex group companies include: # Petrolimex Joint Stock Insurance Company (PJICO) # Petrolimex Gas JSC # Petrolimex Petrochemical Corporation - JSC # Petrolimex Tanker Corporation # Petrolimex Concrete and Construction Co. Ltd # Petrolimex Land Holdings JSC # Petrolimex Group Commercial Joint Stock Bank (PG Bank)

History

The Vietnam National Petroleum Corporation was initially created in January 1956 under the name Vietnam National Petroleum Corporation, set up by decree of the minister of commerce. In July 2011, Petrolimex sold 2.56% of its shares in an IPO, raising $20 million, with the state still holding 94.99% of the capital. In December 2015, Petrolimex (via its subsidiary Petrolimex Nepal) delivered its first batch of aviation fuel (39,800 litres). In February 2016, Petrolimex admitted there was a large amount of toluene impurities in one of its A95 gasoline batch that caused multiple car breakdowns. In May 2016,

Nippon Oil , formerly , or NOC or ''Shin-Nisseki'' (新日石) is a Japanese petroleum company. Its businesses include exploration, importation, and refining of crude oil; the manufacture and sale of petroleum products, including fuels and lubricants; and ...

officially became a 9.09% stockholder of Petrolimex, thus reducing the state ownership below 75%. In 2016, in the wake of

Brexit Brexit (; a portmanteau of "British exit") was the withdrawal of the United Kingdom (UK) from the European Union (EU) at 23:00 GMT on 31 January 2020 (00:00 1 February 2020 CET).The UK also left the European Atomic Energy Community (EAEC or ...

, Petrolimex planned to sell PJICO to a foreign fund, and to merge its real estate activity into its construction subsidiary. It also finalized the merger of the PG Bank with

Vietinbank Vietinbank (Vietnam Joint Stock Commercial Bank for Industry and Trade) ( vi, Ngân hàng Thương mại Cổ phần Công thương Việt Nam) is a state-owned Vietnamese bank. It has strategic partnerships with the International Finance Corporat ...

References

External links

Official site
Companies based in Hanoi Non-renewable resource companies established in 1956 Oil and gas companies of Vietnam Government-owned companies of Vietnam Vietnamese brands Vietnamese companies established in 1956 {{Asia-company-stub