Many State-owned enterprises (SOEs) are finding it difficult to seek strategic investors following equitisation and have decided to retain the shares or sell them to the public.
The government’s refusal to extend the deadline to look for strategic investors closes the gates for foreign investors looking for a strategic stake in Vietnam Oil Corporation (PV Oil).
Vietnam Oil Corporation (PV Oil) has released the names of four competitors meeting the criteria to join the auction to become its strategic investor, two of whom are foreign investors from the Republic of Korea and Japan.
The ownership of 21 large State-owned groups and corporations is likely to be transferred from ministries and sectors to the Committee on State capital management at enterprises.
The number of local consumers using E5 petrol in their autos has been increasing rapidly, though bio-fuel has only been put into use nationwide for just the past month.
PetroVietnam Oil Corporation (PV Oil) succeeded in conducting its initial public offering (IPO) by selling all 207 million shares offered, equalling 20 per cent of its charter capital. The average share price was VND20,196 ($0.89), fetching VND4.16 trillion ($184.9 million) in proceeds for the company.
Eight investors have registered to become strategic shareholders of the Vietnam Oil Corporation (PV Oil) as of January 10, PV Oil CEO Cao Hoai Duong confirmed on the sidelines of the corporation’s roadshow.
Foreign petrol distributors have set foot in the Vietnamese market, but they will have to confront Petrolimex, the giant which holds 50% of market share, and other rivals.
Many motorbike owners are still unsure if the new E5 fuel being sold nationwide suits their vehicles, and authorities need to improve public awareness accordingly, officials admit.
The government has geared up for the divestment of State-owned capital from many large State-owned enterprises (SOEs) this year, according to the Ministry of Finance.
Analysts believe the petroleum distribution market will see a breakthrough after the conclusion of IPOs for PV Oil and Binh Son Refinery (BSR).
Investors interested in becoming strategic investors of Binh Son Refining and Petrochemical Company Limited (BSR), currently operated by PetroVietnam, are offered to buy a maximum of 1.52 billion shares, equalling 49 per cent of the chartered capital.
100% foreign-owned filling stations and the sale of a stake in petroleum companies by the state have not been enough to create a competitive petroleum market.
Idemitsu Kosan has opened its first 100% foreign owned filling station in the country.
PetroVietnam Oil Corporation (PV Oil) may double the amount of shares offered as part of its initial public offering (IPO), which is scheduled in the fourth quarter of this year.
Vietnam National Petroleum Group, the country’s state-owned biggest petroleum distributor, will see a large state divestment in 2018, paving the way for foreign investors to access the profitable business.
JX Nippon Oil & Energy is receiving close to $15 million in the first year after acquiring Petrolimex shares. This, coupled with the fact that there are 29 petroleum import-export distributors in Vietnam, makes the petroleum retail market especially lucrative.
Vietnam’s PetroVietnam Oil Corporation (PV OIL), is running profitably in Laos, earning an average revenue of over US$100 million and contributing over US$20 million to the host country's budget a year.
Petrovietnam Oil (PV Oil) Corp. aims to expand its share of the domestic oil and petrol retail market from 22% to at least 35% by 2020 through mergers and acquisitions transactions.
Vietnam’s much-touted E5 bio-fuel projects have virtually ground to a halt as Vietnam National Oil and Gas Group’s (PVN) three E5 factories have remain shut while domestic consumers have turned their back on the fuel.