RoK’s oil refinery firm acquires stake in Vietnamese startup
VOV.VN - GS Caltex Corp., the second largest oil refining company from the Republic of Korea (RoK), announced on October 7 that they have signed a US$1.6 million agreement with local startup VI Automotive Service.
The terms of the signed agreement were discussed during a teleconference on October 6, with GS Caltex expected to acquire a 16.7% stake in Vietnamese startup VI Automotive Service immediately after finalising the administrative procedures in the nation. Indeed, the move will mark GS Caltex’s first investment in the country.
The deal will also see the firm from the RoK invest in the car wash chain VietWash, a subsidiary of VI Automotive Service, which operates approximately 50 car washes nationwide.
During the course of the teleconference GS Caltex also revealed their plans to sell lubricant products in the country.
Most notably, GS Caltex Corp. is a 50:50 joint venture between GS Energy of the RoK and Chevron Corp, the United States’ second largest oil producer.
