Petrolimex appoints Dao Nam Hai as new director general

Vietnam National Petroleum Group, otherwise known as Petrolimex, has appointed Dao Nam Hai as its new director general starting March 1, 2022. 

He will take over Tran Ngoc Nam, who was appointed by the Petrolimex Board of Directors as officer-in-charge, following Pham Duc Thang’s retirement in November 2021.

Before his appointment, Hai, who has two masteral degrees—in law and business administration— was deputy general director of Petrolimex since October 1, 2017. 

Before his appointment as deputy general director of Petrolimex, Hai held many other important positions, including:

• member of the Board of Directors of Petrolimex Joint Stock Insurance Company (PJICO) (2009)
• general director of PJICO (March 2013)
• member of the Board of Directors of JSC 1-Petrolimex Construction Corporation (March 2013)
• independent member of the Board of Directors of Vietnam National Reinsurance Corporation (April 25, 2013).

Petrolimex, whose shares are traded in the HoChiMinh Stock Exchange (HOSE), has a nearly 40% share of Vietnam’s petroleum market with 5,000 service stations nationwide.

The Vietnam National Petroleum Corporation was initially created in January 1956 under the name Vietnam National Petroleum Corporation. In July 2011, Petrolimex sold 2.56% of its shares in an IPO, with the government of Vietnam retaining majority stake. In May 2016, JX Nippon Oil (now ENEOS Corporation) officially became a 9.09% stockholder of Petrolimex, thus reducing the ownership of Vietnam’s Committee for State Capital Management (CSCM). Last year, ENEOS completed the purchase of an additional 25 million shares. 

With this deal, the Japanese firm, which aspires to be Asia’s leading integrated energy company, became the third-largest shareholder at Petrolimex with a total share amount of 63 million, or 4.87%. Committee for State Capital Management (CSCM) owns 981.68 million shares (75.87%), and Nippon Oil & Energy Vietnam, an ENEOS subsidiary, owns 103.5 million shares (8%).

This resulted in total shares owned by Nippon Oil & Energy Vietnam and its Japanese parent ENEOS at around 12.87%.