Spate of Foreign Oil Giants Eye Stake in Vietnam’s Sole Refinery: Exec

Tuan Minh

10:05 23/12/2016

BizLIVE - A large number of overseas oil companies have approached to express their keenness to buy strategic stakes in Vietnam’s sole refinery.

Spate of Foreign Oil Giants Eye Stake in Vietnam’s Sole Refinery: Exec

A host of foreign oil firms have advanced interest in buying shares of BSR. Photo: Internet

A host of foreign oil giants including Thailand’s state-run PTT have shown interest in acquiring strategic stakes of Binh Son Refining & PetroChemical Co. (BSR), the operator of the Dung Quat oil refinery, as the firm plans an initial public offering (IPO) next year, a senior executive has said.
Russia’s Gazprom Neft still holds on to its plan to have shares in BSR although the Russian oil giant earlier this year dropped talks to acquire a 49% stake in the Vietnamese refinery, citing unfavorable conditions, Tran Ngoc Nguyen, CEO of BSR, told VnExpress.
BSR is holding talks with the potential buyers to pick up the most suitable strategic investor that can help the firm develop its petrochemical business in the next five to ten years, Nguyen tipped.
The firm is preparing for its IPO that is slated to take place in the third quarter next year and as much as a 35% stake will likely be offered to investors.
Its corporate value is expected to be announced in mid-March, the executive said.
The Dung Quat oil refinery has churned out 6.84 million tons of petrochemical products this year. It mainly processes oil exploited at wells offshore Vietnam such as Bach Ho (White Tiger), Te Giac Trang (White Rhino) and Su Tu Den (Black Lion).
The firm has generated revenue of 72.5 trillion dong ($3.2 billion) and paid nearly 530 million to state coffers.

TUAN MINH

Từ khóa: BSR, IPO, Gazprom Neft

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