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Petrolimex opens Singapore arm
Petrolimex announced that it officially opened a new member company in Singapore on Monday.
The new company, Petrolimex Singapore Pte Ltd, will focus on developing bunker services, studying the Singaporean market and will look for potential partners in the country.
"The total capital of the company is about US$15 million. Basically, all of the old activities from when it was a branch office will remain, but now it will be further developed," said Nguyen Ba Tung, head of Financial Division under Petrolimex.
Petrolimex had opened a representative office in Singapore in 1997. Seven years later, it was developed into a branch office and now it is an official member company.
"We will be more active as a company. It will help us to better organise our institution," Tung added.
"This is an important point in the development of Petrolimex. It affirms the company’s non-stop development. It also proves that the company is able to further develop in the global and regional markets," said Bui Ngoc Bao, General Director of Petrolimex.
According to Tung, Petrolimex is now studying methods in order to set up appropriate business targets for the new company.
Petrolimex is a State-owned corporation that works in 12 fields, however the company primarily works in petrol development.
With 67 member companies in 62 out of the country’s 63 provinces and cities 1,800 petrol stations nationwide, the company plays a key role in the Vietnamese petrol market.
VietNamNet, Viet Nam News
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