Representatives from Spanish energy company Repsol have met with leaders of the Binh Son Refinery and Petrochemical Co Ltd (BSR) to seek opportunities to invest in the Dung Quat Refinery.
Hanoi (VNS/VNA) –Representatives from Spanish energy company Repsol have met with leaders of theBinh Son Refinery and Petrochemical Co Ltd (BSR) to seek opportunities toinvest in the Dung Quat Refinery.
During the meeting on November 7,Repsol said it not only wants to own shares of Dung Quat Refinery, but alsowants to participate in the plant’s management, operation and trade.
Leaders of BSR, which operates theDung Quat Refinery, agreed with Repsol’s proposal to set up two negotiatingteams to further discuss co-operation between the two sides early.
Dung Quat Refinery, which holdsone-third of the petroleum market share in Vietnam, plans to sell 4-6 percentof its stake in January next year.
Following the IPO, the Ministry ofIndustry and Trade (MoIT) plans to continue transferring 49 percent stake tostrategic shareholders in 2018, which means the State’s ownership ratio in DungQuat will be lower than 50 percent. This will allow private investors tocontrol the No.1 oil refinery in Vietnam.
Under the current law, foreigninvestors are not allowed to distribute petrol products in Vietnam, unless theyhave oil refineries in the country. Therefore, analysts predict foreignconglomerates will buy stake in Vietnam’s oil refinery to obtain the right todistribute petrol products.-VNA
The Binh Son Oil Refinery Co Ltd was honoured with the National Environment Award 2017 by the Ministry of Natural Resources and Environment for its applying effective solutions in production and business activities, and in environmental protection.
Vietnam is expected to continue importing petroleum products for the next five years as production of major oil refineries is unable to meet the increasing local demand.
The Vietnam National Petroleum Group signed an agreement with the Binh Son Refinery and Petrochemical Co Ltd (BSR) on cooperation in boosting sales of petrol products produced by Dung Quat Refinery.
The multi-billion-dollar Dung Quat oil refinery upgrade and expansion project is being implemented slowly and its operator has repeatedly asked the Vietnamese Government for support and incentives.
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Dung Quat oil refinery (Photo VNA)
