Petrolimex to establish marine shipping subsidiary

The board of directors of Vietnam National Petroleum Group (Petrolimex) has officially announced its decision to establish a wholly owned subsidiary, PG Tanker, and appoint Nguyen Anh Dung as its chief executive officer.
The move comes as part of Petrolimex’s restructuring plan, which was approved by the Prime Minister in 2011.
PG Tanker will be headquartered in Hanoi, with a capitalization of VND1.5 trillion (US$72 million). Its principal operations will focus on river and marine transport of oil products, marine services, and the repair and building of tankers.
Further restructuring will establish PG Tanker as the parent corporation to subsidiary companies including VIPCO, VITACO, PTS Hai Phong and Cua Cam Port.