Petrovietnam Oil (PV Oil) Corp. aims to expand its share of the domestic oil and petrol retail market from 22 percent to at least 35 percent by 2020 through mergers and acquisitions transactions.
Hanoi (VNA) - Petrovietnam Oil (PVOil) Corp. aims to expand its share of the domestic oil and petrol retailmarket from 22 percent to at least 35 percent by 2020 through mergers and acquisitionstransactions.
According to Cao Hoai Duong, General Director ofPV Oil, the company, which derives 75 percent of its revenue from oil andpetrol retail, is seeking to increase its number of petrol stations nationwide insmall cities and rural areas.
He also noted that there is still room for oiland petrol distributors like PV Oil to expand its market although 50 percent ofthe market is controlled by the Vietnam National Petroleum Group (Petrolimex).
There are some 13,000 oil and petrol stations acrossthe country, of which PV Oil owns 500 and Petrolimex 2,500.
PV Oil plans to buy 1,000 more stations totriple the number of its petrol stations to 1,500. - VNA
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Illustrative image (Source: VNA) 
