Oil Product Company converted into one-member limited company
09:30 | 14/11/2006
VNGOVNet – On November 13, the Prime Minister issued Decision 1498/QĐ-TTg on the conversion of the Oil Products Processing and Business Company, a subsidiary of PetroVietnam, into a one-member limited liability company, a subsidiary of the Vietnam Oil and Gas Group (VOGG).

Illustration photo

According to the Decision, the Oil Products Processing and Business Company (OPBC) has the charter capital of VND380 billion and engages in processing and trading oil products; setting up  petrochemicals business and distribution systems; importing and exporting oil, oil-based products, chemicals, materials, equipment and means of oil processing and business; and trading in materials, equipment and chemicals used for making petrochemicals and consumer goods.

The Executive Board of the VOGG is authorized by the Government to represent the OPBC owner.

OPBC is due to receive and put to effective use the capital and property entrusted by the Executive Board of the VOGG for production and business. The company's Members Council is supposed to set a code of practice for itself and submit it to the VOGG Executive Board for approval.

By Xuân Hồng

(Source: Decision 1498/QĐ-TTg)

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