Laws of Vietnam

DECIDES:

Article 1.- To establish the Vietnam Oil and Gas Corporation on the basis of reorganizing and rearranging the existing Vietnam Petroleum and Gas Corporation.

The Vietnam Oil and Gas Corporation (hereunder referred to as the Corporation) is a State-owned corporation, has the legal person status, has the civil rights and obligations as prescribed by law, takes responsibility for all business activities conducted within the amount of capital managed by the Corporation; has its seal, assets and centralized funds; is allowed to open accounts at the State Treasury and at domestic and foreign banks in compliance with State regulations; is organized and operates in accordance with the Statute of the Corporation.

The international transaction name of the Vietnam Oil and Gas Corporation is VIETNAM OIL AND GAS CORPORATION, or PETROVIETNAM in abbreviation.

The head office of the Corporation is located in Hanoi City.

Article 2.- The Vietnam Oil and Gas Corporation has the following main tasks:

1. To conduct research and prospection, to explore, exploit, process, store, transport and provide services regarding oil and gas; to import and export materials and equipment for the production of oil, gas and crude oil, and oil and gas products; to circulate oil and gas products; to carry out other business activities as prescribed by law, and implement other tasks assigned by the State; to enter into joint venture and cooperation with domestic and foreign economic organizations in accordance with State laws and policies.

2. To receive and efficiently use, preserve and develop the State-allocated capital, including part of the capital invested in other businesses; receive and efficiently use various natural resources, land, sea and other resources allocated by the State to carry out its assigned business and other tasks.

3. To organize and manage activities in research and application of scientific and technological advances, in training and fostering cadres and workers in the Corporation.

Article 3.-

1. The organizational structure of the Corporation consists of:

- The Managing Board, the Supervisory Commission;

- The General Director and the assisting apparatus;

- The member units of the Corporation.

2. The organization and operation of the Corporation is concretely defined in the Statute of the Corporation adopted by the Government.

Article 4.- The Minister-Chairman of the Government Commission on Organization and Personnel shall submit to the Prime Minister for decision the appointment of the President of the Managing Board, the General Director of the Corporation, and other members of the Managing Board.

The Minister-Chairman of the Government Commission on Organization and Personnel shall decide the appointment of the Deputy General Directors and the Chief Accountant of the Corporation at the proposal of the Managing Board and the suggestion of the General Director of the Corporation.

1. The Managing Board of the Corporation is responsible for drafting the Statute on the Organization and Operation of the Vietnam Oil and Gas Corporation, and submit it to the Government for adoption.

3. The Minister of Finance shall preside over the allocation of capital to the Corporation.

Article 6.- This Decision takes effect from the date of its promulgation.

The Minister-Chairman of the Government Commission on Organization and Personnel, the Minister of Finance, the other Ministers, the Heads of the ministerial-level agencies, the Heads of the agencies attached to the Government, the Presidents of the People's Committees of the provinces and cities directly under the Central Government, the Managing Board and the General Director of the Vietnam Oil and Gas Corporation, shall have to implement this Decision.

The Prime Minister