Petrolimex Aviation Fuel Joint Stock Company (Vietnam)

Created in 2008, PETROLIMEX AVIATION., JSC (PA for short) is one of the members of VIETNAM NATIONAL PETROLEUM GROUP (Petrolimex). The subject is one of two major business hubs for exporting and importing jet fuel in Vietnam, it stands behind Skypec - a member unit of Vietnam Airlines. Since 2016, PA has become the unit with the 4th highest petroleum sales volume in the industry and brought large profits for the Group. Currently, PA is providing fuel and refilling services for aircraft of more than 50 domestic and international airline firms such as Vietjet, Bamboo Airways, Helicopter Corporation, Emirates Airline, Singapore Airlines, Etihad Airways, Air France, Japan Airlines, ... at domestic airports (including 5 international airports Noi Bai, Tan Son Nhat, Cat Bi, Da Nang, Cam Ranh, and domestic airport Lien Khuong from Q4/2022 and Dien Bien from the end of 2021, the most recently Ca Mau in Q2/2023) and more than 60 international airports. In 2020-2021, because of being affected by Covid-19, the net sales slumped compared to 2019. Coming to 2022, the subject's business results recovered considerably because the airline industry had normally operated thanks to better control of the Covid disease. One point to note is that the recovery has instability because the armed conflict between Russia and Ukraine affects gasoline prices and supplies. Furthermore, the gasoline supply from Nghi Son Refinery was unstable in the first 6 months of 2022 due to financial difficulties and continuous problems. Anyway, PA's total jet fuel sales in 2022 were 941,905 m3, reaching 139% of the plan and 226% of the total in 2021.This year - 2023, with the recovery of the aviation industry as well as a more stable supply source, the subject's business activities would be more positive.