PetroVietnam Oil Corporation (PV OIL) is running profitably in Laos, earning an average revenue of over $100 million and contributing over $20 million to the host country's budget a year, according to a Vientiane-based reporter of the Vietnam News Agency.
The company made its presence in 16 out of Laos’s 18 provinces that allowed it to account for 20 per cent of petroleum retail share and become the second largest petroleum retailer in Laos.
From an initial investment of $4 million, the company gained a profit of $12 million a year after seven years of operation. It is providing jobs for around 2,000 Lao people at its petrol stations nationwide.
PV OIL Laos officially operated from December 1, 2010, on the foundation of Laos’s retail unit of Royal Dutch Shell.
Its initial 70 petrol stations have so far been increased to 104 across the country.
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