U.S. firm eyes 49% stake in Dung Quat Oil Refinery

  • 05:37 - 2018/01/13

Polestar Inc, a firm specializing in oil and gas transport in Texas in the U.S., wants to acquire a 49% stake in Binh Son Refining and Petrochemical Company (BSR), the operator of Dung Quat Oil Refinery.

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A night view of Dung Quat Oil Refinery, which processes and supplies 30% of fuels on the Vietnamese market 

At a roadshow to promote investment in BSR last weekend in Hanoi, Nguyen Thi Thanh Phuong, representative of Polestar in Vietnam, said the group is experienced in exploring and transporting oil and gas, so it wants to buy shares of BRS and PetroVietnam Oil Corporation (PV Oil) to supply crude oil for these two firms.

The group will initial a contract with BSR to buy the shares at the end of this month. The group has plans to join the Dung Quat Oil Refinery expansion project, build a storehouse with fuel tanks, implement customs procedures and participate in the fuel export sector wherein PV Oil is a monopolistic player.

Vitol Group, a global energy and commodity trading company, also expressed interest in BSR shares, saying it wants to enter the Vietnamese fuel market.

BSR planned to offer 7.79% of its shares on the Hochiminh Stock Exchange (HOSE) on January 17 at a price starting from VND14,600 per share. A 49% stake will be sold to strategic investors in the next phase, reducing State ownership to 43%.

Source: VietNamNet

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