PetroVietnam and Petec sign cooperation contract

PetroVietnam Gas Corporation (PV Gas) and Petec Trading and Investment Corporation (Petec) signed a cooperation contract in mid-November, with both parties agreeing to join forces in fuel and steel pipe distribution. Petro Vietnam and PETEC will jointly trade and distribute liquefied petroleum gas (LPG), liquefied natural gas (LNG), compressed natural gas (CNG), steel pipes, concrete resurfacing services, as well as petroleum and petrochemical products. Petec’s Cai Mep petrol port will be used for the projects and the two companies will cooperate in the financial, management and training aspects of the businesses. PetroVietnam is currently Vietnam’s biggest gas supplier. Petec owns 438 petrol retail stations in the central area of the country, 590 petrol retail stations in the north and 419 in the south. Petec is among Vietnam’s 13 biggest fuel wholesalers. (November 23, 2011)