A pumping station of PV Oil. Photo: pvoil.com.vn
A number of investors from China, the Middle East and Southeast Asia have expressed interest in acquiring strategic stakes in PetroVietnam
Oil Corporation (PV Oil) as the company plans to go public this year, its General Director Cao Hoai Duong has said, without naming any of the firms.
PV Oil plans to launch an initial public offering in June this year when it will offer a 49% stake to investors, Duong said in a statement filed on parent group PetroVietnam’s website.
In a statement on its website in January 2017, PV Oil said it would sell from 20% to 40% to at most three strategic investors.
The sale would take place through negotiations or auctions, set for February or May. The state will retain a 51% stake in the company.
PV Oil controls around a quarter of the domestic petroleum retail market after Petrolimex
, which stands for Vietnam National Petroleum Group. It is the only exporter of crude oil produced in Vietnam as well as the sole supplier of crude oil for Vietnam's first oil refinery in the central coastal province of Quang Ngai.
The firm said in December that it earned a pre-tax profit of 530 billion dong ($23.3 million) on revenue of 34 trillion dong ($1.5 billion) in 2016. It sold 15 million tons of crude oil in the year.