Government focuses on divestment in oil and gas sectorVietnam Oil and Gas Group (Petro Vietnam or PVN) plans to reduce its ownership of Petro Vietnam Gas Joint Stock Company (PV Gas) from the current 97 per cent to 65 per cent. The PV Gas divestment is expected to attract many large investors who would be eager to buy into a company that reportedly contribute 30 per cent of PVN’s profits. At an interaction with the media in late January PV Gas chairman Lê Như Linh said the divestment would be done very carefully to identify appropriate strategic shareholders. By 2019 PVN will also have to entirely divest its stake in PVI Holdings, Phước An Port Investment and Exploitation Oil and Gas JSC, Green Indochina Development JSC, SSG Real Estate JSC, Petro Vietnam Trade Union Finance JSC, Petro Vietnam Construction joint Stock Corporation, and Petro Vietnam Maintenance and Repair JSC. The Government has instructed PVN to retain its current ownership in some other subsidiaries and associate companies such as Petro Vietnam Technical Services Corporation, the Vietnam Russia Joint Venture Vietsopetro and Petro Vietnam Drilling and Well Services Corporation.

Source: VietNamNet News February 26, 2018 01:52 UTC