Vietnam Oil and Gas Group, commonly known as PetroVietnam (PVN; alternatively stylized Petrovietnam or PETROVIETNAM), is the state-owned national oil and gas corporation of Vietnam. PetroVietnam has developed rapidly since it was established in 1975, and its activities, through its various companies and wholly owned subsidiaries, now cover all the operations from oil and gas exploration and production to storage, processing, transportation, distribution and services. Wholly owned by the Vietnamese central government, it is responsible for all oil and gas resources in the country and has become its country's largest oil producer and second-largest power producer.

Operations

PetroVietnam also carries out exploration activities in Malaysia, Indonesia, Mongolia, Myanmar and Algeria, and recovers oil in Iraq and Malaysia.

International cooperation

In order to help pay for the costs stemming from the Deepwater Horizon explosion, BP plans to sell its stakes in gas and oil properties in Vietnam. It maintains joint ownership of such projects — Lan Tay-Lan Do gas field and Nam Con Son pipeline — with ONGC, PetroVietnam, and ConocoPhillips. Moreover, its partners will be given priority when purchasing its shares should Hanoi approve the transaction. India has expressed interest in buying BP's assets to secure needed energy resources for its fast-growing economy. In 2010, PetroVietnam Group has secured $1 billion loan from government bond proceeds and BNP Paribas for the Dung Quat oil refinery Plant No 1, in Vietnam, which began operating at 100% production capacity in August 2010.

Subsidiaries and joint-ventures

PetroVietnam has several subsidiaries: PetroVietnam holds controlling stakes in the following companies: Together with Gazprom the company has established Vietgazprom.

Finance Corporation

PetroVietnam Joinstock Finance Corporation (international transaction name: PetroVietnam Finance Corporation, brief name PVFC) is a non-banking finance corporation, a subsidiary PetroVietnam. The corporation's slogan is "New Confidence of Development". PVFC was founded on June 19, 2000 under the name PetroVietnam Finance Company. It was certificated ISO 9001:2000 by SGS (Switzerland) on May 5, 2004. In 2008, it transformed to Petrovietnam Finance Joint Stock Corporation with VND 5000 billion chartered capital. It held IPO in October 2008 and listed on the Ho Chi Minh Securities Trading Center under code PVF. Strategic partner Morgan Stanley holds 10% out of PVFC's chartered capital.