Decision No. 246/2003/QĐ-TTg On Approving the Overall Plan for the Restructuring and Renewal of State-Owned Enterprises Under the Vietnam Oil and Gas Corporation Until 2005

Pursuant to …;

Regarding the approval of the overall plan for the restructuring and modernization of state-owned enterprises under the Vietnam Oil and Gas Corporation until 2005

Based on Decision No. 58/2002/QĐ-TTg dated April 26, 2002 of the Government Chairman on issuing criteria and classification lists for state-owned enterprises and state corporations;

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PRIME MINISTER

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Based on Directive No. 01/2003/CT-TTg dated January 16, 2003 of the Government Chairman on continuing to promote the restructuring, modernization, development, and improvement of efficiency of state-owned enterprises;

Considering the proposal of the Board of Directors of the Vietnam Oil and Gas Corporation, opinions of the Ministries of Industry, Planning and Investment, Finance, Labor, War Invalids and Social Affairs,

Approves the overall plan for the restructuring and modernization of state-owned enterprises under the Vietnam Oil and Gas Corporation until 2005 as attached Appendix. 

DECISION:

Article 1. The Board of Directors of the Vietnam Oil and Gas Corporation shall be responsible for:

Article 2. Directing the implementation of the restructuring and modernization of state-owned enterprises under the Vietnam Oil and Gas Corporation according to the approved content and schedule. Any adjustments or supplements must be approved by

the Ministry of Industry, the Ministry of Finance, the Ministry of Planning and Investment, the Ministry of Home Affairs, the Ministry of Labor, War Invalids and Social Affairs, and other relevant agencies responsible for coordinating with the Vietnam Oil and Gas Corporation in implementing this Decision.

Article 3. The Steering Committee for Enterprise Modernization and Development shall be responsible for urging, guiding, and monitoring the implementation of this Decision, while recommending to

the Board of Directors of the Vietnam Oil and Gas Corporation and the heads of relevant agencies to implement this Decision.

Article 4. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.

LIST OF STATE ENTERPRISES UNDER THE VIETNAM OIL AND GAS CORPORATION TO BE RESTRUCTURED AND MODERNIZED UNTIL 2005

ANNEX

(Annexed to Decision No. 246/2003/QĐ-TTg

dated November 18, 2003 of the Government Chairman)

I. Enterprises in which the State continues to hold 100% capital:

1. Exploration and Production Company,

2. Investment and Development Company,

3. Processing and Product Marketing Company,

4. Trading Company,

5. Financial Services Company,

6. Transportation Company,

7. Fertilizer and Chemicals Company,

8. Insurance Company,

The Vietnam Oil and Gas Corporation will select some of the above enterprises that meet the conditions to convert into limited liability companies with one member.

II. State-owned enterprises to be listed, with the State holding more than 50% of the total shares of the enterprise:

To be implemented in 2004:

1. Design and Construction Company,

2. Investment and Construction Consulting Company,

3. Processing and Petroleum Products Marketing Company,

To be implemented in 2005:

1. Drilling Fluids and Chemicals Company,

2. Tourism Services Company,

3. Technical Services Company,

4. Drilling and Drilling Services Company./.

4. Oil and Gas Drilling and Service Company./.