|
Oil and gas group steps up restructuring plans
Hanoi (VNA) – The Vietnam National Oil and Gas Group (PVN) is boosting its restructuring to increase its competitiveness in the market while limiting any competition from its subsidiaries.
According to head of PVN’s Board of Internal Controllers, Phan Thi Hoa, PVN will only hold 51 percent of the shares of subsidiary companies that produce strategic products and affect the national economy.
The group will also reduce its holdings in the PetroVietnam Construction Joint Stock Corporation and the Drilling Mud Joint Stock Corporation to 36 percent, said Hoa.
In addition to that, PVN plans to cut its capital in the PetroVietnam Insurance Joint Stock Corporation to 25 percent by 2015.
Coupled with these moves, the group is set to complete its transformation from a holding company into a single-member limited liability company on July 1 in line with the current Business Law.
It is also planning to turn the PetroVietnam Gas Corporation and the Petec Trading and Investment Corporation into joint stock companies, finish a project to change the Vietsovpetro Joint Venture’s form of operation and list the shares of several of its subsidiaries on the stock market.
Under these plans, PVN will gradually curb its external investments and focus more on production, said Hoa.
vietnamplus
|
