Vietnam to sell shares in state-owned firm that runs oil refinery Dung Quat
State-owned Binh Son Refining and Petrochemical Company, which is managing the country's sole oil refinery Dung Quat, will complete its equitization process next year, local media reported.
A manager with the company, officially known as Binh Son Refining and Petrochemical Co.,Ltd., confirmed the information earlier this week, according to news website Bao Dau Tu.
The plan's details were not revealed, but the unnamed manager was quoted as saying that the company, a unit of oil and gas group PetroVietnam, will be evaluated within weeks.
As of December 31 last year, Binh Son's charter capital was estimated at VND35 trillion (US$1.53 billion), and was one of Vietnam's six biggest businesses, according to the news website.
Dung Quat went into operation in the central province of Quang Ngai in 2008 with the capacity of 148,000 barrels per day, or 6.5 million tons per year.
It has since produced more than 36 million tons of gasoline and oil products, posting revenues of over VND710 trillion (US$31.16 billion), Bao Dau Tu reported.
The government first announced a planned IPO for Binh Son in 2012.