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PetroVietnam shaken as scale of overseas losses comes to light

Public Security Ministry is looking into who is responsible for $900m in losses

Huge losses on PetroVietnam projects overseas have led to a government probe. Observers worry this may lead to excessive caution by officials and business leaders.

HANOI -- Pressure is mounting on Vietnam Oil and Gas Group, the country's state-owned oil company, after a government report revealed massive losses on its overseas projects.

A report by the Ministry of Industry and Trade found that PetroVietnam, as the company is known, has frozen or is unable to recoup its investments in 11 of its 13 overseas projects, local media reported.

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