A ceremony to celebrate the 5th anniversary of Lao PetroVietnam Oil was held in Vientiane on Monday. — Photo VNA

VIENTIANE (Biz Hub) — A ceremony to celebrate the 5th anniversary of Lao PetroVietnam Oil (PV Oil Laos), a subsidiary of the PetroVietnam Oil Corporation (PV Oil), was held in Vientiane on Monday.

The event was attended by Vietnamese Ambassador to Laos Nguyen Manh Hung and Vice President of the Viet Nam Oil and Gas Group Nguyen Sinh Khang, along with Lao officials and Vietnamese businesses in Laos.

Speaking at the ceremony, chairman of PV Oil Laos's board of directors Huynh Nguyen Bach Tuyen expressed his gratitude to the Lao Party and the government for facilitating conditions for the company to operate.

PV Oil Laos will enlarge its retail network and develop its petrol business, making contributions to Laos's socio-economy and tightening the special relations between the two countries, Tuyen highlighted.

PV Oil Laos has become popular among Lao residents, resulting in revenue of more than $100 million every year. — Photo hiephoixangdau

With an initial charter capital of US$3 million, PV Oil purchased Shell du Laos Co in late 2009 and put PV Oil Laos into operation on December 1, 2010.

Despite difficulties caused by the global economic crisis, PV Oil Laos has made stellar achievements and become a leading subsidiary of PV Oil.

From 70 petrol stations in 11 out of 17 provinces and cities in the early days, the company has increased its presence to 15 provinces with 104 petrol stations. PV Oil Laos has become popular among Lao residents, resulting in revenue of more than $100 million every year.

The company also pro-actively takes part in charitable activities in Laos.

PV Oil Laos's success has backed PV Oil's sound strategy of expanding its investment in foreign countries to bring its services to international markets. — VNS