JavaScript is off. Please enable to view full site.

Vietnam's PV Oil aims to sell 35-40 pct stake to strategic investors

Vietnam's PV Oil aims to sell 35-40 pct stake to strategic investors

Friday, March 10, 2017, 08:37 GMT+7

Vietnam's state oil company Petrovietnam Oil Corp (PV Oil) plans to sell a 35-40 percent stake to strategic investors and expects to raise at least $270 million, it said on Thursday.

The privatisation of PV Oil, Vietnam's only crude oil exporter and its second-biggest oil products retailer, has been highly anticipated by investors as the government tries to open up the oil and gas sector and raise money through the sale of stakes in state firms.

Major oil companies from Japan, South Korea, Thailand and the Middle East have applied to buy shares, a company official said in an email to Reuters. It did not identify them.

It plans to draw up a list of five potential bidders to submit to the government this month.

PV Oil also plans to offer an additional 10-15 percent in an initial public offering in the first half of this year, before or at the same time as the stake sale to strategic investors, it said.

It plans to list its shares on the Ho Chi Minh stock exchange.

Vietnam, which is slowly opening up its domestic market to considerable investment interest, has completed several major share sales and listings in recent months.

PV Oil's biggest rival in the petroleum retail sector, Petrolimex, last week said it expected to list shares on the local stock market next month, potentially giving the firm a valuation of around $2.3 billion.

The operator of Vietnam's Dung Quat oil refinery also aims for an initial public offering in the third quarter of 2017, its chief executive told Reuters. 



Read more




Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Latest news