PetroVietnam Oil Corporation - Joint Stock Company
About the Issuer
Established in 2008 and 80.5% owned by Petrovietnam – Vietnam’s national energy corporation, PVOIL is among Petrovietnam’s key subsidiaries, each assigned with a unique policy objective role in coordinating and executing Petrovietnam’s policy mandate across the full energy value chain on behalf of the Government of Vietnam, to safeguard national energy security and support economic development. Over the last 50 years, Petrovietnam’s policy-oriented operations have grown into a fully integrated model, covering upstream exploration, midstream production and refinery, and downstream distribution and technical services.
Rating Results
Credit Opinion
An upgrade of PVOIL’s issuer rating is unlikely. The AA+ rating is the highest level assigned to a corporate issuer and already incorporates PVOIL’s unique public policy role, as well as its strong and entrenched structural linkages with Petrovietnam and the Government of Vietnam, including expectations of very strong extraordinary support in times of need.
(1) Weakening of policy role or government linkages
(2) Significant deterioration in standalone credit profile
(1) PVOIL serves as Petrovietnam’s key policy instrument in the downstream segment, with responsibility for managing crude oil trading, import-export activities, storage, and petroleum distribution. This underpins its important role in supporting domestic fuel supply stability through the operation of Vietnam’s second-largest petroleum storage and distribution network;
(2) PVOIL’s revenue scale is assessed at very strong, supported by its well-developed business operations not only in the domestic market but also beyond Vietnam through its international oil trading business in Singapore
Profitability in petroleum trading remains exposed to oil price volatility and domestic fuel pricing regulations
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for OIL.
VIS Rating has not issued a Second Party Opinion for this company
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