Petrovietnam Drilling & Well Services Corporation has seen its share price double since last November when investment fund Dragon Capital increased its stakes in it.
Oil and gas giant Petrovietnam has liquidity issues because it has not been able to collect payables of VND23 trillion ($971 million) from state-owned utility Vietnam Electricity.
Oil and gas giant Petrovietnam is seeking permission from the government to build a $17-18.5 billion refinery and crude oil storage complex in southern Vietnam amid an expected domestic fuel shortage.
Petrovietnam Gas (GAS) posted VND6.9 trillion ($296.79) in post-tax profits in the first six months, or 98 percent of its yearly plan, thanks to rising oil prices.
Petrovietnam needs to speed up investment in refining to ensure domestic supply and stop exporting and importing oil at the same time, Deputy Prime Minister Le Xuan Thanh said.
Oil and gas group Petrovietnam (PVN) saw pre-tax profit in the first half this year tripling year-on-year to VND21.3 trillion ($927.75 million) as oil prices rose.
State-owned Petrovietnam Power has proposed the construction of a $1.5 billion liquefied natural gas power plant in the southernmost province of Ca Mau.
Dinh La Thang, former chairman of state-run Petrovietnam, was sentenced Monday to 11 years in prison for violations related to an ethanol project in northern Vietnam.
A decline in oil prices during the last quarter of 2020 reduced costs for state-owned fuel retailer PetroVietnam Oil, increasing its net profits to VND190 billion ($8.2 million).
