Under the double impact of the COVID-19 pandemic and the plunge in oil prices in 2020, Petrolimex failed to hit its profit target for the year and recorded the company’s lowest annual profit figure since 2015.
Total consolidated revenue was estimated at 123 trillion VND, surpassing the whole-year goal by 1 percent, but the achievement was 35 percent lower than the 2019 revenue.
The company contributed 38.5 trillion VND to the State budget in 2020.
In 2021, the group will implement its divestment plan and reduce the State's ownership. Currently, the State holds 81.89 percent of Petrolimex's capital, a figure expected to be cut to 51 percent.
Petrolimex will soon deploy the divestment of the group at Petrolimex Construction and Trade Corporation.
