Vietnam’s 1st Oil Refinery to Sell 5-6% Stake at IPO in Q4

Tuan Minh

16:17 20/05/2017

BizLIVE - Vietnam’s sole operational oil refinery will offer 36% to strategic investors within 12 months after the IPO.

Vietnam’s 1st Oil Refinery to Sell 5-6% Stake at IPO in Q4

A view of the Dung Quat oil refinery. Photo: Internet

Binh Son Refining and Petrochemical Co., the operator of Vietnam's Dung Quat oil refinery, plans to sell a 5-6% stake in the company at an initial public offering (IPO) scheduled for the fourth quarter of 2017.
The firm will sell up to 36% to strategic investors within 12 months following the IPO, its General Director Tran Ngoc Nguyen told reporters.
The $3 billion Dung Quat refinery is currently the sole refinery operating in the country. Under a government-approved plan, the government will cut its ownership in the company to below 50%.
The IPO is part of the company’s plan to upgrade its capacity by 30% to 8.5 million tons at a cost of $1.8 billion.
The company has invited 15 domestic and foreign investment funds to buy shares of the company.
Rosneft, Russia's biggest oil producer, Gazprom Neft, Thailand's state-owned energy firm PTT and Kuwait Petroleum Corp are among foreign firms that have expressed interest in the privatization plan.

TUAN MINH

Từ khóa: Rosneft, IPO, BSR