The state-run
Vietnam National Oil and Gas Group, or PetroVietnam (PVN), has made several
wrongdoings in capital and asset management, as well as investing in non-core
businesses, which cost the state budget a huge sum of VND18.2 trillion, or
$873.6 million, the Vietnam State Inspectorate (VSI) told a press briefing
yesterday.
The total capital of PVN at the end of 2010 was some VND466 trillion,
and revenues it reaped in the 2006 – 2010 period topped nearly VND689.5
trillion, VSI said, citing figures from PVN’s audited financial report.
“With such a massive sum of capital and asset in hands, PVN has made a
lot of mistaken investments and capital allocations,” said a VSI
representative, while petitioning that VND18.2 trillion be returned to the
state budget.
PVN has defied the laws to earmark more than VND15.6 trillion from the
profits earned from selling oil and gas for financial activities that are not
listed in key oil and gas investment projects, VSI elaborated.
Moreover, PVN has allocated a total capital of VND622 billion to Soc
Trang, Ha Tinh, Quang Binh, and Hau Giang provinces for these localities to
complete site clearance tasks, without directive from the Prime Minister.
It was also found to have deducted VND352 billion from the fund for oil
and gas investment and development and given the amount to Ca Mau City to build
a road connecting the city’s downtown and the Ca Mau Gas – Power – Fertilizer
Industrial Park.
PVN has also invested nearly VND12 billion from the fund for scientific
research and training to establish the Dat Mui high school in Ca Mau, an
investment VSI said was against state regulations.
“PVN has also yet to fully retrieve the VND1.99 trillion earned from
its equitization, and the interest worth VND185 billion,” VSI informed.
Unprofitable
investments
By the end of 2010, PVN had sunk more nearly VND114.6 trillion into
investments for its subsidiaries and non-core sectors, with VND11.4 trillion
earmarked for the power sector, which has yet to produce any profits since all
of the projects are under construction.
PVN allocated VND1.26 trillion for 37 subsidiaries in 2009, and VND2.37
trillion for 42 others in 2010, all of which have been operating without a
gain, VSI pointed out.
The oil and gas giant has also bought a seismic vessel that has not
renewed its registration for 10 years, without reporting the purchase to the
Prime Minister.
Tuoi Tre
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