Laos Minister of Industry and Commerce visits PVOIL Laos

05.08.2021

00:00/00:00

On the afternoon of August 3rd, 2021, in Vientiane Capital, Minister of Industry and Commerce Khampheng Xaysompheng and Directors, Chief of Office of the ministry visited the office of PVOIL Laos. The delegation also visited the Thanaleng storage to evaluate the Company's business activities as well as the implementation of regulations and policies of the Laos Government and the Ministry of Industry and Commerce.

PVOIL Laos, a 100% foreign invested company, is a subsidiary of PetroVietnam Oil Corporation (PVOIL), which is subsidiary of Vietnam National Oil and Gas Group (PetroVietnam), Ms. Le Thanh Thuy, Director of PVOIL Laos & PVOIL Laos Trading, told the delegates during the meeting.

PVOIL Laos was established in 2010 after PVOIL acquired the entire petroleum system of Shell in the country. In 2019, following the Decree 331 on petroleum trading of the Government of Laos, PVOIL Laos splited into 02 companies: Importing Company (PVOIL Laos) and Distribution Company (PVOIL Laos Trading).

PVOIL Laos before the spilit and the current two companies strictly implement all regulations on petroleum business from the local authorities, fully fulfilling the obligation to pay tax according to the regulations of Laos Government. On average, the companies pay 40-60 million USD in tax per year.

Especially in 2020, PVOIL Laos and PVOIL Laos Trading paid more than 90 million USD tax to the State Budget of Laos. They were presented the Excellent Enterprise Awards by the Ministry of Finance/General Department of Customs. PVOIL Laos Trading won the first prize and PVOIL Laos got the second prize.

For the human resource issue, the two companies have 150 employees, mainly Laotians, with 140 people. The companies always take care of the benefit and spiritual life of staff.

After listening to the reports, opinions from PVOIL representatives, the minister highly appreciated the efforts of PVOIL Laos and PVOIL Laos Trading. Despite the difficult business situation, PVOIL Laos and PVOIL Laos Trading has achieved encouraging results while complying with the regulations of the Government and the Ministry of Industry and Commerce.

The minister instructed departments under the ministry to create favorable conditions for the companies operate effectively and comply with the Law, ensuring the supply of petroleum and contribute to the social economic development of the country.

Minister of Industry and Commerce Khampheng Xaysompheng delivers speech at the meeting

Ms. Le Thanh Thuy, Director of PVOIL Laos present the companies’ operation and business results to the Minister and the Delegation.