Singapore, November 16, 2009 – The Vietnam National Petroleum Corporation (Petrolimex) organized a ceremony to inaugurate its single-member limited liability company in Singapore at Fullerton Hotel (No.1 Fullerton Square, Singapore 049178). Vietnamese Minister of Industry and Trade Vu Huy Hoang and Director of the Singapore International Business Department Chong Lit Cheong attended the ceremony and cut the ribbon to open the company. The ceremony also saw the presence of representatives of many local and foreign agencies, partners, customers and press agencies.

Vietnamese Minister of Industry and Trade Vu Huy Hoang and Director of the Singapore International Business Department Chong Lit Cheong cut the ribbon to open the company

Petrolimex’s single-member limited liability company in Singapore was established under Decision No. 625/XD-QD-HDQT of Petrolimex’s board of directors with the trading name of Petrolimex Singapore Pte. Ltd. and located at 200 Cantonment Road, 02-02 Southpoint, Singapore 089763, Telephone number: +6567358139, Fax: +6567358139. Nguyen Quang Tuan was appointed as the company’s director.

Petrolimex Singapore is tasked to develop border gate-to-border gate oil and gas business, provide bunker services, study the Singaporean market and seek partners to ensure supply for Petrolimex. It also develops trade of goods and other services relating to the petroleum sector.

Singapore is a large oil and gas centre in the world so the establishment of Petrolimex Singapore is a development in line with Petrolimex leaders’ strategy and an indispensable result of the corporation’s overseas trading and business development. Petrolimex opened its representative office in Singapore in 1997. Seven years later, it was upgraded into a Petrolimex branch in Singapore and now it is the Petrolimex Singapore Pte. Ltd.

Speaking at the ceremony, Petrolimex General Director Bui Ngoc Bao said that the establishment of the Petrolimex Singapore Pte. Ltd. is an important milestone in Petrolimex’s development and affirms the unceasing growth of the corporation, which is capable of reaching large markets in the region and the world as well and is one of the few Vietnamese businesses having business experiences and gaining success abroad. This is also a firm premise for the corporaton’s next development steps to build business establishments in major locations, which can bring about high profits and gain access to global information.

Right after cutting the ribbon, Minister Vu Huy Hoang delivered a speech in which he spoke highly of Petrolimex’s efforts in boosting its development in line with the Party and State’s orientations. He said “During its building and development, Petrolimex has not only operated effectively in the domestic market but also expanded its activities to foreign markets, including Singapore. Since 2002, Petrolimex Singapore has made an important contribution to Petrolimex Vietnam’s common achievements.”

On behalf of the Government and the Ministry of Industry and Trade (MoIT), Minister Hoang praised Petrolimex Singapore’s performance and expressed thanks to the Singaporean Government and relevant agencies for their support for Vietnamese businesses in general and Petrolimex Singapore in particular as well as their effective coordination with Petrolimex Vietnam in establishing its single-member limited liability company in Singapore.

Petrolimex’s profile:

Petrolimex is a special state-run enterprise engaging in 12 business areas, with trading petrol is its core business. The other areas include the transport of petrol (oceangoing, coastal and river transport, pipes, rail and road transport), and production of petrochemical products such as lubricating oil, grease, bitumen and chemicals. It also produces gas for civil and industrial uses and is involved in mechanical engineering, design and construction of petroleum projects, insurance and several other commercial services.

In the petroleum sector, Petrolimex plays a key role in the domestic market. Together with 11 other petroleum import-export businesses, the corporation ensures sufficient and timely supplies of many oil based products for the country’s production, consumption, and security and defence. Forty-one out of its 67 subsidiaries are trading petrol and oil products in 62 out of the 63 cities and provinces nationwide.

For retail petrol services, among 10,000 petrol stations nationwide, more than 1,800 belong to Petrolimex, providing opportunities for customers to access and directly use the corporation’s products and services. In isolated and remote areas where business efficiency is low but socio-political efficiency is high, Petrolimex still holds higher market share than its average level.

Since it was set up in 1956, Petrolimex has always played a key role in ensuring the petrol and oil supplies and fulfiled its social responsibilities.