Petrolimex speeds up restructuring

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The Vietnam National Petroleum Group (Petrolimex) has set up a corporation which will focus on waterway transport under its restructuring plan.

The setup of PG Tanker under Petrolimex’s restructuring process

The newly-established corporation, Petrolimex Joint Stock Tanker Company (PG Tanker), has total chartered capital of VND1.5 trillion (USD71.7 million).

According to Petrolimex, this was the first specialised corporation set up under its restructuring process.

The group claimed that the move is in accordance with the prime minister’s decision on the privatisation and restructuring of Petrolimex.

PG Tanker’s headquarters are located at No. 1 on Kham Thien Street, in Hanoi’s Dong Da District. The corporation will provide waterway transportation and marine services as well as repairing and building waterway vessels.

Petrolimex will be the sole owner of PG Tanker, with Nguyen Anh Dung acting as CEO. Currently Dung is CEO of Petrolimex Joint Stock Insurance Company (PJICO).

PG Tanker has several subsidiaries including Vietnam Petroleum Transport Joint Stock Company, the Vietnam Tanker Joint Stock Company, Haiphong Petrolimex Transportation and Services JSC, and Petrolimex Petroleum Waterway Transportation JSC and Cua Cam port in Haiphong City.

PG Tanker currently has the largest petroleum transportation shipping fleet in Vietnam.

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