Petrolimex: A Brief Introduction of the Establishment and Development

Vietnam National Petroleum Corporation (Petrolimex) formerly named as Oil and Grease Corporation was established under Decision No 09/BNT on 12^th January, 1956 by Ministry of Trade and reestablished under Decision No 224/TTg on 17^th April, 1995 signed by the Prime Minister. Petrolimex is a state-owned enterprise ranged in special category under direct management of Ministry of Trade. This corporation has been taking a leading position in petroleum business and has been assigned with the task to meet all demands in petroleum and petrochemical products for social-economic development, national security and people’s living standard in all regions of the country. Fifty years of Petrolimex development has been always linked with historical events in the foundation and defense of the country.

1956–1975: Petrolimex’s tasks were to meet the demands in petroleum products that contribute to the economic restoration and development for socialist building and to fight against destructive war in the North; Petrolimex supplied sufficiently petroleum products in time for liberation war in the South targeting at the nation’s reunification. For it’s excellent success during this period, the Government awarded prestigious title “ People Armed Force Hero” to eight Petrolimex subsidiary–companies, a “Labor Hero” award to one person and acknowledged honorably thirty-one cadres as “Revolutionary Martyr”.

1976 – 1986: Petrolimex restored their facilities that were destroyed in the North, took over petroleum facilities and supply, distribution network in the South, supplied in time sufficient petroleum products for production, national army force and people, served healing war wounds and socialism building in the whole country. During this period of time, the Government awarded “Second-Rank Independent Medal” to the Corporation, a prestigious title “Labor Hero” to one person and several Labor Medals to collectives and individuals.

1986-present: Petrolimex has been implementing strategies of renovation and development according to the policies and orientation of the Party and Government, changing production and business to market mechanism orientated to socialism, gradually developing the Corporation to be a powerful, dynamic national petroleum corporation to integrate into the region and world economy. During this time, the Government awarded “First-Rank Independent Medal”, “Second-Rank Victory Medal” to the Corporation, a prestigious title“ Labor Hero of Renovation Period” to two subsidiary companies, “National Emulative Title” to 5 people, 114 Labor Medals of different ranks to collectives and individuals.

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