PVN chairman asked to revitalise embattled oil group

Wednesday, 2018-01-03 16:38:57
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Prime Minister Nguyen Xuan Phuc and new PVN chairman Tran Sy Thanh
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NDO - Tran Sy Thanh, new chairman of the national oil and gas group PVN has been asked by Prime Minister Nguyen Xuan Phuc to revive the company amid numerous troubles both internally and externally.

Thanh was the former secretary of the Lang Son Party Secretary Committee and appointed to the head of PVN in December.

PVN is in serious trouble as a number of its senior leaders have been arrested on economic mismanagement charges while oil prices have fallen sharply in recent years.

Speaking at a ceremony on January 3 when Thanh officially assumed the new role, PM Phuc underlined the role of PVN in ensuring Vietnam’s energy security and affirmed the country’s national sovereignty.

He asked Thanh and other PVN leaders to drastically deal with the five loss-making projects undertaken by the group, namely the Dinh Vu Polyester Plant, Dung Quat Shipyard and three biofuel projects.

The new chairman was also asked to accelerate key national oil and gas projects which are facing delays and the equitisation plan for the 2017-2020 period as approved.

For his part, chairman Thanh said he would join hands with the entire staff of PVN to help the group overcome difficulties and take it to further development.

In 2017, the group’s profits reached VND31.9 trillion (US$1.4 billion).