Petroleum companies form Alliance Lao Petroleum
Six petroleum companies in the country have established an alliance in a bid to increase the strength of their fuel businesses competing with domestic and foreign fuel business operators.
Representatives from Bouasavanh Power Co., Ltd, Asia Petroleum Co., Ltd, Phousy Lao Petroleum Sole Co., Ltd, Phetsamay Petroleum Co., Ltd, Makkaulao Petroleum Company Limited and Xaysomboun Petroleum Co., Ltd on Tuesday signed a contract to launch the new Alliance Lao Petroleum in Vientiane.
The event was also witnessed by Deputy Minister of Industry and Commerce MrSomchithInthamith.
According to the petroleum companies, they have registered capital of more than 738 billion kip, 30 fuel depots with a capacity of 20 million litres, 40 gas stations built by the companies and 356 gas stations through agents.
There are another 143 trucks for transporting fuel within the country and 11 larger trucks for transporting fuel abroad.
The new Alliance Lao Petroleum has total registered capital of 150 billion kip, including 60 billion kip in cash and 90 billion kip in assets.
The new alliance also has 15 fuel depots with a capacity of 13 million litres and 30 trucks under their control.
“The cooperation has abided by Party and government policy and has been conforming its fuel business units to regulations step by step; responding to both the demands of the fuel business and our future development plans, President of Bouasavanh Power Com., Ltd,” MrBouasavanhSihanath said.
“We are pleased to welcome other petroleum companies who may be interested in joining with us to grow together,” he said.