ExxonMobil re-enters Vietnam’s lubricants market

ExxonMobil re-enters Vietnam’s lubricants market

ExxonMobil is back in Vietnam’s downstream market after six years of absence, with the appointment of three lubricant distributors to handle the country’s northern, central and southern regions, state media reported.

Prior to this announcement, ExxonMobil operates in Vietnam only in the upstream segment, through Exploration and Production Vietnam Limited (EMEPVL). It has two operating licenses under production sharing contracts (PSCs) for the Danang and Vung May blocks offshore central and southern Vietnam. The exploration activities include acquiring seismic data and drilling exploratory wells.

ExxonMobil appointed PAN International Petroleum as distributor in northern Vietnam. TAT Petroleum Vietnam has been assigned to cover the central and southern regions. Equator Company Limited will handle product distribution to vessels along the coastline of Vietnam.

ExxonMobil exited Vietnam’s downstream market in October 2009 after selling ExxonMobil Vietnam Holding Company Limited (EMVHCL), the holding company for ExxonMobil’s lubricants and specialties business in Vietnam.

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