PetroVietnam uses its capital to improve performance of inefficient projects

November 06, 2021 - 18:42

The Việt Nam Oil and Gas Group (Petrovietnam) has been permitted to use its capital to improve production and business performance in the group’s loss-making projects.

The Đình Vũ Polyester Fiber Factory has restored operations on all 27 DTY yarn production lines. Photo courtesy of PetroVietnam

HÀ NỘI — The Việt Nam Oil and Gas Group (PetroVietnam) has been permitted to use its capital to improve production and business performance in the group’s loss-making projects.

According to the Government’s steering committee for loss-making projects, they include; Phú Thọ Biofuel Factory; Bình Phước Biofuel Factory; Dung Quất Biofuel Factory; and Đình Vũ Polyester Fiber Factory.

This steering committee said that three years after implementing the Prime Minister's Decision 1468/QĐ-TTg, the Ministry of Industry and Trade and the Committee for the Management of State Capital at Enterprises, along with other ministries and sectors, have solved obstacles relating to laws, financial mechanisms and policies for these projects.

Up to now, they have overcome these difficulties and gained profit, according to the steering committee.

The four projects of Petrovietnam belong to 12 struggling mega-projects under the Ministry of Trade and Industry. Of which, with better operations, DAP Fertiliser 1 Hải Phòng, Bình Phước Ethanol and Phú Thọ Ethanol were considered to be removed from the list of loss-making projects. VNS

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