Petrolimex to reorganize

Vietnam National Petroleum Corporation (Petrolimex) is forecasting revenues of VND64.8 trillion (US$4.04 billion) in 2007, says the company’s Deputy General Director Bui Ngoc Bao. He expects that the company will import a total of 8.18 million tons of gasoline, an increase of 5.1% from last year. The volume of petrol sold domestically is expected to increase by 6% to reach 7.18 million tons. The remaining one million tons will be re-exported. The company also looks to fine-tune its financial controls and increase investment in its infrastructure. According to Bao, Petrolimex is being reorganized for conversion into a parent company with various subsidiaries. The result will be Petrolimex Economic Corporation by 2010. (February 21, 2007)