Vietnam’s state-controlled Petrolimex, the leading distributor of gasoline to the country’s over 40 million motorbikes, intends to diversify operations ahead of a projected long-term downturn in demand for the fuel.
Previously called Vietnam National Petroleum Group, the company operates an estimated of 5,000 gas stations nationwide and has added locations at a pace of 70 every year, supported by Vietnam’s high economic growth of almost 7%.
But the fuel importer is taking steps to branch out, including building up of a liquefied natural gas terminal and adding electric vehicle chargers and convenience stores, Petrolimex Chairman Pham Van Thanh informed Nikkei in a recent interview.
Pham Van Thanh further stated that Petrolimex has already informed the Vietnamese government. Thanh was unsure if a joint venture can be established in April as planned since the government has final say in the matter.