State-owned PetroVietnam has reportedly racked up losses totalling an estimated US$900 million with the majority of the company’s overseas projects draining cash from its coffers.
A Ministry of Industry and Trade report said that the Vietnamese national company had frozen or is unable to recoup its investments from 11 of its 13 international E&P projects, according to local media.
PetroVietnam chief executive Nguyen Vu Truong Son tendered his resignation following the release of the report, while the Ministry of Public Security has launched its own investigation.
