Petrolimex sets up a subsidiary company in Singapore
The new company, Petrolimex Singapore Pte Ltd, will focus on developing bunker services, studying the Singaporean market and will look for potential partners in the country.
"The total capital of the company is about USD15 million. Basically, all of the old activities from when it was a branch office will remain, but now it will be further developed," said Nguyen Ba Tung, head of Financial Division under Petrolimex.
Petrolimex had opened a representative office in Singapore in 1997. Seven years later, it was developed into a branch office and now it is an official member company.
Petrolimex Singapore is a key focal body for Petrolimex to do petroleum business abroad, provide bunker service, survey overseas markets and seek for partners.
With its Singapore-based affiliated company, Petrolimex expects to easily get access to regional and international markets.
Petrolimex is the State-run corporation engaging in 12 petroleum fields, such as transportation, petrochemistry, gas, designing, building and installing petroleum works, and insurance.
The corporation plays an important role in the domestic market as 41 out of its 67 affiliated companies are trading in petroleum throughout Vietnam.
The corporation plays an important role in the domestic market as 41 out of its 67 affiliated companies are trading in petroleum throughout Vietnam.
