PV Oil to expand share in domestic market
AsemconnectVietnam - Petrovietnam Oil (PV Oil) Corp. aims to expand its share of the domestic oil and petrol retail market from 22% to at least 35% by 2020 through mergers and acquisitions transactions.
According to Cao Hoai Duong, General Director of PV Oil, the company, which derives 75% of its revenue from oil and petrol retail, is seeking to increase its number of petrol stations nationwide in small cities and rural areas.
He also noted that there is still room for oil and petrol distributors like PV Oil to expand its market although 50% of the market is controlled by the Vietnam National Petroleum Group (Petrolimex).
There are some 13,000 oil and petrol stations across the country, of which PV Oil owns 500 and Petrolimex 2,500.
PV Oil plans to buy 1,000 more stations to triple the number of its petrol stations to 1,500.