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Home>>Daily News>>Vietnam>>Energy>>Van Phong petroleum bonded warehouse expects no losses in 2018

NEWS UPDATES Asean Affairs   December 27,  2017  











Van Phong petroleum bonded warehouse expects no losses in 2018


The Van Phong petroleum bonded warehouse in Khánh Hòa Province expects to not have accumulated losses, returning to normal business in 2018, according to an official of the National Petroleum Group (Petrolimex).

Petrolimex chief accountant Luu Van Tuyen said in 2017, Van Phong petroleum bonded warehouse achieved pre-tax profit of VNĐ160 billion. However, according to the monitoring report of Petrolimex, the warehouse has currently experienced accumulated losses of some VNĐ120-130 billion after minusing net profit of 2017.

Tuyen said with the positive prospects for the warehouse business next year, it expects to not incur accumulated losses in 2018.

Tuyen said at present, Petrolimex has increased its shares at the Vân Phong Petroleum Bonded Warehouse Joint Stock Company to 85 per cent from 51.4 per cent after Petrolimex Singapore Pte Ltd transferred its capital amounting to $14 million at the warehouse company to Petrolimex.

The Ministry of Industry and Trade approved this transaction under current regulations.

The Van Phong petroleum bonded warehouse began operations in June 2012 with total investment capital of $125 million and total capacity of 505,000cu.m.

However, according to Petrolimex, in 2012 alone, Van Phong Petroleum Bonded Joint Stock Company suffered a loss of VNĐ170 billion. Since it was a new warehouse, the leasing did not reach the designed capacity. Leased capacity reached 20 per cent in 2013 and 43 per cent in the first half of 2014.


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AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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