RoK firms to buy stake in PetroVietnam subsidiaries

June 16, 2011 | 21:17

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The Vietnam National Oil and Gas Group (PetroVietnam) has signed deals to sell its stake in real estate and securities companies to the Republic of Korea (RoK) partners.

Petro Vietnam - illustration photo

Under the agreements, which came at an ongoing conference on trade promotion in the RoK, Hanshin Group will purchase a 10 per cent stake of PetroVietnam in PetroVietnam Construction Joint Stock Corporation (PVX) and Shinhan Investment Group will buy a 15 per cent stake in PetroVietnam Securities Incorporation (PSI).

PetroVietnam Deputy Director General Nguyen Tien Dung said this was part of the group’s plan mapped out for the next five years, during which it would focus on only four key areas: oil exploration and exploitation both at home and abroad, petrochemistry, thermo-electricity and other clean energies, and technical services in the oil industry.

The group would keep its 100 per cent stake in PetroVietnam Exploration Production Corporation to ensure the target was met, he said.

VIR/VNA

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