Petrolimex needs nearly 4.2tr dong to improve petroleum business infrastructure
Accordingly, by 2015, its target is to reach 358.752 trillion dong of revenue, $7.24 billion dong of import spending, $1.05 billion dong of export revenue, 10.51 million tonnes and m3 of petroleum output and 4.468 billion dong of pre tax profit.
In 2011 – 2015 period, Petrolimex will invest into receiving dock warehouse system in B12 petroleum enterprises (the North), petroleum enterprise area 5 (the Middle) and petroleum enterprise area 2 (the South), then accomplish petroleum retail store system across Vietnam.
Total investment in petroleum business infrastructure at this time is 4.182 trillion dong, and investment in Nam Van Phong oil refinery combination project is 4.987 trillion dong. It expects to issue shares to increase chartered capital and to borrow from commercial banks to get capital for these plans.
Of all its strategic solutions, Petrolimex will quickly build Group restructuring scheme to submit to the competent authority in Q3/2012.
About financial operations, Petrolimex will divest from the enterprises which have no related operations with its main business lines and set up detailed divesting progress (time, value, and field). It will not invest into non-core business lines and focus on the main fields.
