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PetroVietnam focuses on its core businesses

Update: March, 24/2012 - 09:17

HA NOI — The Prime Minister has approved a proposal by PetroVietnam to discontinue development of a five-star hotel, trade centre, theme park and apartment complex in Ha Noi's Tu Liem District.

Instead the work will be conducted by real estate firm SSG. The two established Petroleum Viet Nam-SSG Real Estate JSC (PV-SSG) to implement the project.

The move is designed to encourage PetroVietnam to focus on its core sectors such as oil and gas exploration, petrochemicals and electricity production.

The project was designed to mark Thang Long-Ha Noi's millennium, said Pham Thi Thu Ha, deputy general director of PetroVietnam.

The project includes a five-star hotel complex on a 3.8-ha area, as well as a trade centre, theme park and the temporarily named PetroVietnam Tower on another 21.2-ha site.

On March 12 this year, the Prime Minister requested PetroVietnam inform the Ha Noi People's Committee how much work it had already carried out and to re-assign the remaining work to PV-SSG.

"Up to now, the municipal committee has approved the 1:500-scale plan on the 3.8-ha area for the hotel complex," Ha said. "The corporation has also formulated an investment plan, sought contractors, approved the designs and cleared the land."

PV-SSG has stated that it wished to focus on the 3.8-ha project, and has assigned PetroVietnam Construction Joint-stock Corporation (PVC) to carry out work on the remaining 21.2 ha. PVC owns a 31 per cent stake in PV-SSG.

On January, 3, 2012, PetroVietnam asked permission for PVC to carry out the 21.2-ha project.

PVC was charged with continuing the development of the trade centre complex, which would include construction of the PetroVietnam Tower, Theme Park and on the 21.2 ha site.

The PM also stated that PetroVietnam was only permitted to contribute a minimal amount of money to construct the corporation's offices and that it could not put its name on the project. He also stated that PetroVietnam Tower would have to be renamed. — VNS

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