According to the head of PVN’s Board of Internal Controllers, Phan Thi Hoa, PVN will only hold 51 percent of the shares of its subsidiary companies that produce strategic products which can affect the national economy.
The group will also reduce its holdings in the PetroVietnam Construction Joint Stock Corporation and the Drilling Mud Joint Stock Corporation to 36 percent, said Hoa. PVN also plans to cut its capital stake in the PetroVietnam Insurance Joint Stock Corporation to 25 percent by 2015.
Moreover, the group is set to complete its transformation from being a holding company to becoming a single-member limited liability company on July 1 in line with the Business Law.
It also plans to turn the PetroVietnam Gas Corporation and the Petec Trading and Investment Corporation into joint stock companies, finish a project to change the Vietsovpetro Joint Venture’s forms of operation and list the shares of several of its subsidiaries on the stock market.
Under the plans, PVN will gradually curb its external investments and focus more on production, said Hoa.