PetroVietnam to sell 25 percent stake in oil subsidiary: report

Thanh Nien News

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State-owned energy giant PetroVietnam will sell a maximum stake of 25 percent in its crude and petroleum products trading subsidiary PV Oil by the end of this year, news website Dau Tu reported Sunday, citing a company representative.
Nguyen Tuan Tu, deputy general director of PV Oil, told the website of the Ministry of Planning and Investment that it is drafting a plan for the privatization, including estimating the company's value and deciding whether to sell the stake through an auction or directly to strategic partners.
The plan is expected to be approved in the third quarter and implemented in the following quarter, he said.
One of PetroVietnam subsidiaries that have been hit hard by the world oil slump, PV Oil saw a year-on-year decline of 27 percent in revenue to VND49 trillion (US$2.16 billion) in 2015.
It posted a loss of VND100 billion ($4.42 million) in January alone, the company reported last month.
PV Oil forecast its revenue to drop by about 12.6 percent to VND42.8 trillion ($1.89 billion) this year.

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