PV Oil to establish trading unit in Singapore

A new organization to trade crude oil in the world market will be set up by PetroVietnam Oil Corp. (PV Oil) in Singapore. PV Oil is an affiliate of state-run Vietnam Oil and Gas Group (PetroVietnam). The new company will start with a registered capital of US$5 million. In addition to trading crude oil, the new firm will also import petroleum products. PV Oil is a fuel distributor in Vietnam and ships crude oil from Vietnamese oil fields to other countries, as well as imports crude oil for processing in Dung Quat, Vietnam’s first oil refinery. Two years ago, the company bought Shell’s fuel business in Laos. It also announced plans to build an ethanol plant in Cambodia. (March 9, 2011)