PetroVietnam is planning to divest capital from its financial arm, PetroVietnam Finance Corporation (PVFC), and is seeking a merger with a bank to facilitate the divestment. PetroVietnam aims to reduce its holding in PVFC to 20 per cent by 2015 and gradually to 0 per cent later. Currently, PetroVietnam owns over 70 per cent of PVFC’s charter capital. With 29 subsidiaries and 206 affiliate companies, the company aims to reduce its subsidiaries and affiliates to 24 and 126, respectively, in due time.
