Petrolimex earns pre-tax profit of $107m in H1

On the Ho Chi Minh Stock Exchange, the VN-Index increased 0.42 percent to close at 786.61 points, topping the former nine-year high of 782.65 points of July 6. Energy stocks drove the market up with the two biggest listed oil companies, PV Gas (GAS) and PetroVietnam Drilling and Wells Service (PVD), advancing 2.6 percent and 6.8 percent, respectively. PVD was among the most active stocks on the southern bourse with more than 8 million shares being traded, despite its negative earnings in the second quarter. The company reported a loss of around 45 billion VND (16.7 million USD) in the second quarter, adding up to a total loss of 246 billion VND in the first half of this year. The firm attributed the poor result to a 34-40 percent decline in the lease of drilling platforms over the past three months. Global oil prices extended gains on July 31, ending the strongest month of the year, boosted by expectations of US sanctions against Venezuela’s oil sector and waning concerns over the supply in major oil markets. Brent crude edged up 0.3 percent to settle at 52.65 USD while  the US light crude oil rose nearly 1 percent to trade at 50.17 USD a barrel. Expansion of other blue chips such as brewery Sabeco (SAB) with a rise of 3.4 percent, Vietcombank (VCB) up 1.7 percent and Petrolimex (PLX) up 0.32 percent largely contributed to the market uptrend. These shares are among the top…... [read more]

Shares continued to climb on August 1 on the two stock exchanges, backed by strong gains of oil stocks after global oil prices recorded the strongest month of the year. Investors at ACB Securities Company in Hanoi On the Ho Chi Minh Stock Exchange, the VN-Index increased 0.42 percent to close at 786.61 points, topping the former nine-year high of 782.65 points of July 6. Energy stocks drove the market up with the two biggest listed oil companies, PV Gas (GAS) and PetroVietnam Drilling and Wells Service (PVD), advancing 2.6 percent and 6.8 percent, respectively. PVD was among the most active stocks on the southern bourse with more than 8 million shares being traded, despite its negative earnings in the second quarter. The company reported a loss of around 45 billion VND (16.7 million USD) in the second quarter, adding up to a total loss of 246 billion VND in the first half of this year. The firm attributed the poor result to a 34-40 percent decline in the lease of drilling platforms over the past three months. Global oil prices extended gains on July 31, ending the strongest month of the year, boosted by expectations of US sanctions against Venezuela’s oil sector and waning concerns over the supply in major oil markets. Brent crude edged up 0.3 percent to settle at 52.65 USD while  the US light crude oil rose nearly 1 percent to trade at 50.17 USD a barrel. Expansion of other blue chips such as brewery Sabeco…... [read more]

Investors at ACB Securities Company in Hanoi (Source: VNA) Hanoi (VNS/VNA) - Shares continued to climb on August 1 on the two stock exchanges, backed by strong gains of oil stocks after global oil prices recorded the strongest month of the year. On the Ho Chi Minh Stock Exchange, the VN-Index increased 0.42 percent to close at 786.61 points, topping the former nine-year high of 782.65 points of July 6. Energy stocks drove the market up with the two biggest listed oil companies, PV Gas (GAS) and PetroVietnam Drilling and Wells Service (PVD), advancing 2.6 percent and 6.8 percent, respectively. PVD was among the most active stocks on the southern bourse with more than 8 million shares being traded, despite its negative earnings in the second quarter. The company reported a loss of around 45 billion VND (16.7 million USD) in the second quarter, adding up to a total loss of 246 billion VND in the first half of this year. The firm attributed the poor result to a 34-40 percent decline in the lease of drilling platforms over the past three months. Global oil prices extended gains on July 31, ending the strongest month of the year, boosted by expectations of US sanctions against Venezuela’s oil sector and waning concerns over the supply in major oil markets. Brent crude edged up 0.3 percent to settle at 52.65 USD while  the US light crude oil rose nearly 1 percent to trade at…... [read more]

While most cars in Vietnam are running on Euro 2 standard fuel, a new law effective January 1 mandates that all new automobiles in Vietnam, both imported and domestically assembled, must use petrol meeting the Euro 4 standard. Another mandatory upgrade, from Euro 2 to Euro 3, was also approved for motorbikes with the same deadline. Currently applied in several countries, the Euro emission standards, set by the European Union, stipulate average emission targets for toxic substances like carbon monoxide (CO) or carbon dioxide (CO2). The Euro 2, introduced in 1997, set the CO emission target at 4g/kWh, and the later Euro 4, effective in 2011, lowered that to 1.5g/kWh. A petrol product must have a lead content of no more than 0.005 grams per liter to meet the Euro 4 standard, compared to 0.013 g/l of the Euro 2. Drivers told Tuoi Tre (Youth) newspaper that while they want to follow the law, it is not easy to find Euro 4 petrol, even in Hanoi and Ho Chi Minh City. Duc Thuan, one Hanoi resident, has recently purchased a new car using the Euro 4 standard. However, “it is a tough job finding a filling station with the Euro 4 petrol,” he told Tuoi Tre. Petrolimex, Vietnam’s largest fuel wholesaler, is the only supplier of the higher grade petrol, but not all Petrolimex stations have this kind of fuel, Thuan added. “So I sometimes have to resort to using Euro 2 petrol,” he…... [read more]

Investors at ACB Securities Company in Ha Noi. — VNS Photo Viet Thanh Shares continued to climb Tuesday on the two stock exchanges, backed by strong gains of oil stocks after global oil prices recorded the strongest month of the year. On the HCM Stock Exchange, the VN-Index increased 0.42 per cent to close at 786.61 points, topping the former nine-year high of 782.65 points of July 6. Energy stocks drove the market up with the two biggest listed oil companies, PV Gas (GAS) and PetroVietnam Drilling and Wells Service (PVD), advancing 2.6 per cent and 6.8 per cent, respectively. PVD was among the most active stocks on the southern bourse with more than 8 million shares being traded, despite its negative earnings in the second quarter. The company reported a loss of around VND45 billion (US$16.7 million) in the second quarter, adding up to a total loss of VND246 billion in the first half of this year. The firm attributed the poor result to a 34-40 per cent decline in the lease of drilling platforms over the past three months. Global oil prices extended gains on Monday, ending the strongest month of the year, boosted by expectations of US sanctions against Venezuela’s oil sector and waning concerns over the supply in major oil markets. Brent crude edged up 0.3 per cent to settle at $52.65 while the US light crude oil rose nearly 1 per cent to trade at…... [read more]

VietNamNet Bridge – Duc Thuan of Ha Dong District bought a car with a Euro 4 emission standard after specific regulations were issued for such models in Viet Nam. However, he said, finding Euro 4 fuel is “a whole other challenge”. Owners of car with a Euro 4 emission standard find Euro 4 fuel is a whole challenge due to limit supply. – Photo: VNA/VNS  At present, only the Petrolimex chain sells Euro 4 at its pumps and even then, not at every station. The supply of Euro 4 fuel is limited since only two local refineries produce it despite the fact that a regulation issued by the prime minister in response to heavy pollution, which went into effect on January 1, applies Euro 4 and Euro 3 standards for new cars and motorbikes. The application of the Euro 4 standard is expected to reduce emissions by 30 per cent. Since urban air pollution mainly origins from traffic, according to the 2016 National Environment Report, it is of importance for the regulation to be strictly applied. The new regulation is only applied to newly imported and manufactured cars without any change for older vehicles using Euro 2 fuel. Therefore, choosing which type of fuel is totally up to car owners. Since the price of Euro 4 fuel is two to five per cent higher than Euro 2 and Euro 3, car owners often opt for the more polluting fuels. Mai Anh from HCM City told Tuoi tre (Youth) Newspaper that…... [read more]

Vietnam plans to spend more than $6 billion to build a strategic petroleum reserve and to expand commercial storage for crude oil and oil products by 2025, according to a document reviewed by Reuters. The Southeast Asian country joins nations such as China and India in establishing an oil buffer to enhance its energy security as crude imports have jumped while domestic production is on the decline. Under the plan, Vietnam plans by 2020 to build strategic petroleum reserves of up to 2.2 million cubic metres of crude oil, or about 13.8 million barrels, equivalent to six days of imports. Strategic oil product reserves by 2020 would total 1.8 million cubic metres, or about 11.3 million barrels, equal to 14 days of fuel imports. Following the approval, the Ministry of Industry and Trade, PetroVietnam and Petrolimex are expected to submit feasibility studies for the projects by September, said a source with knowledge of the matter. Vietnam's prime minister earlier this month approved a plan to build crude and petroleum stocks of at least 90 days worth of net imports by 2020. However, the projects are likely to take longer than expected to materialise given the track record of refinery construction in Vietnam and the big funding requirements for storage projects, said Sri Paravaikkarasu, Head of East of Suez Research at energy consultancy FGE. "Ninety days is a big target even for big countries like China and India which rely heavily on imports," she…... [read more]

Vietnam National Petroleum Group (Petrolimex) and Vietnam Railways (VNR) will strengthen cooperation in investment and business activities in the future. Petrolimex, VNR signed comprehensive cooperation agreement Petrolimex and VNR signed an agreement today to comprehensively boost cooperation and fully exploit their existing advantages. Under the agreement, VNR will prioritise using Petrolimex's petrol products. Regarding transportation services, the two sides will study the possibilities of connecting railway routes and petroleum storages. VNR and Petrolimex also agreed to study the former's infrastructure system and select reasonable locations for investment and the development of petroleum stations. The two companies will also cooperate in banking and financial services, insurance, and the promotion of brand names, among others. "With specific cooperation projects and support from the Ministry of Transport and the Ministry of Industry and Trade, the cooperation will bring fruitful results," Petrolimex chairman Bui Ngoc Bao said. "The comprehensive cooperation between VNR and Petrolimex will help the two sides to tap into their own potential and advantages, thus increasing added value and developing each other," added VNR chairman Vu Anh Minh. At the event, units of VNR and Petrolimex signed cooperation agreements, including one between Petrolimex Paints Company Limited and Railway Transport and Trade Joint Stock Company (Ratraco), and another between Petrolimex Hanoi Co., Ltd. and Ratraco. Additionally, PG Bank also signed agreements with Saigon Railway Transport Company and Hanoi Railway Transport Joint Stock…... [read more]

Vietnam plans to spend more than US$6 billion to build a strategic petroleum reserve and to expand commercial storage for crude oil and oil products by 2025, according to a document reviewed by Reuters. The Southeast Asian country joins nations such as China and India in establishing an oil buffer to enhance its energy security as crude imports have jumped while domestic production is on the decline. Under the plan, Vietnam plans by 2020 to build strategic petroleum reserves of up to 2.2 million cubic metres of crude oil, or about 13.8 million barrels, equivalent to six days of imports. Strategic oil product reserves by 2020 would total 1.8 million cubic metres, or about 11.3 million barrels, equal to 14 days of fuel imports. Following the approval, the Ministry of Industry and Trade, PetroVietnam and Petrolimex are expected to submit feasibility studies for the projects by September, said a source with knowledge of the matter. Vietnam's prime minister earlier this month approved a plan to build crude and petroleum stocks of at least 90 days worth of net imports by 2020. However, the projects are likely to take longer than expected to materialise given the track record of refinery construction in Vietnam and the big funding requirements for storage projects, said Sri Paravaikkarasu, Head of East of Suez Research at energy consultancy FGE. "Ninety days is a big target even for big countries like China and India which rely heavily on imports," she said.... [read more]

A positive sign is the decrease of the price of food and foodstuff by 10-20 percent after the Lunar New Year Festival (Tet). According to a report from the Ministry of Finance, Vietnamese goods accounted for 85-95 percent of the market share during Tet, which created favorouble conditions for the management agencies to control inflation from the first quarter of this year, under the Government’s guidance. However, many sensitive products are facing price hikes. Petrol is a typical case in point. The question is how petrol price will increase and whether the price stabilisation fund will have any effect. According to Vuong Thai Dung, Deputy General Director of the Vietnam National Petroleum Corporation (Petrolimex) which holds nearly 70 percent of the domestic petrol market, admitted that many petrol stations have stopped selling as they wait for the adjustment for price increase. On February 9, the world price of RON92 petrol was priced at US$105.2 per barrel while petrol prices in Vietnam are lower than those in the region by VND 4,000-5,000 per litre. When and how petrol prices will increase, depends on the functional ministries and sectors. Based on the analysis of the current supply and demand, the Ministry of Industry and Trade and Petrolimex confirmed that there is a sufficient supply of petrol for domestic consumption. Last year, the country consumed a total of 12 million tonnes of petrol. Given this data, how can we stabilise petrol prices? The Head of the Price Management Department under the Ministry of…... [read more]




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