Petrovietnam Insurance 2010 gross profit up 54 pct

TN News

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Petrovietnam Insurance Co, the insurance arm of Vietnam's state oil and gas group, said its gross profit jumped 54.5 percent to VND340 billion last year.

The Hanoi-based firm, which holds a monopoly on Vietnam's energy insurance market, also projected its revenues would rise at least 12 percent to VND5 trillion this year.

The company plans to pay a dividend of 15 percent of its registered capital for 2011, unchanged from last year, it said in a statement.

Revenue rose 25.1 percent to 4.46 trillion dong, Petrovietnam Insurance said.

PVI shares closed 2.34 percent up at 17,500 dong each on Monday.

Last June the company, 12.6 percent owned by Oman Investment Fund, signed a $3 billion contract to provide insurance to the Dung Quat oil refinery, Vietnam's sole facility now operated by state oil and gas Petrovietnam.

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