Corporate restructuring: Merger of PVOIL Thua Thien Hue into PVOIL Mien Trung

Under the business restructuring plan for 2020-2025 period approved by Vietnam Oil and Gas Group, PetroVietnam Oil Corporation (PVOIL) has implemented a merger plan between its subsidiaries - PVOIL Thua Thien Hue and PVOIL Mien Trung.

The merger is expected to help reduce management and operation costs while improving operational efficiency and expanding operation scale the PVOIL subsidiaries in Central region.

After being officially merged into PVOIL Mien Trung on July 1, 2021, PVOIL Thua Thien Hue ceased its operation, transactions, obligations and interests related to agencies, customers. All of the tasks and responsibility have been transferred to PVOIL Mien Trung.

On July 26, 2021, PVOIL Mien Trung held an Extraordinary General Meeting of Shareholders to complete post-merger procedures. At the meeting, shareholders approved the Organization and Operation Charter, Operation Regulations for the Board of Management, Regulations on organization and operation of the Board of Supervisors. Shareholders attending the meeting also elected members of the Board of Management, Board of Supervisors, term 2021-2026. The meeting approved the business goal for the final 6 months of 2021.

The Board of Management of PVOIL Mien Trung has elected Mr. Cai Trong Anh Tuan, former Director of PVOIL Thua Thien Hue as the Chairman of the Board of Management of PVOIL Mien Trung. Mr. Nguyen Hoang Phuc, Director of PVOIL Mien trung was appointed as the Director of the Company.

This event marked the completion of the merger of PVOIL Thua Thien Hue into PVOIL Mien Trung. These are the first two subsidiaries of PVOIL completed the corporate restructuring plan, period 2020-2025.

After the merger, PVOIL Mien Trung with a charter capital of 190.4 billion VND has a system of 67 petroleum stations, 2 petroleum storages namely Lien Chieu (Da Nang) and Chan May (Thua Thien Hue). Its business activities focus on Da Nang city, Thua Thien Hue, Quang Tri, Quang Binh, Quang Nam, Quang Ngai, Gia Lai and Kon Tum province.

Mr. Cai Trong Anh Tuan - Chairman of the Board of Management (left) and Mr. Nguyen Hoang Phuc - Director of PVOIL Mien Trung (right) present shareholders after being elected/ appointed.

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