Vietnam’s PV OIL holds 20 percent of petroleum retail in Laos

Monday, 01/05/2017 10:14
Vietnam’s PetroVietnam Oil Corporation (PV OIL), is running profitably in Laos, earning an average revenue of over 100 million USD and contributing over USD20 million to the host country's budget a year.

A PV Oil warehouse in Ho Chi Minh City (Photo: VNA)

According to Nguyen Kim Son, Director of PV OIL Laos, the company made its presence in 16 out of Laos’s 18 provinces that allowed it to account for 20 percent of petroleum retail share and become the second largest petroleum retailer in Laos.

From an initial investment of USD4 million, the company gained a profit of USD12 million a year after seven years of operation. It is providing jobs for around 2,000 Lao people at its petrol stations nationwide.

PV OIL Laos officially operated from December 1st, 2010, on the foundation of Laos’s retail unit of Royal Dutch Shell.

Its initial 70 petrol stations have so far been increased to 104 across Laos./.

CPV/VNA

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