Petrolimex, Vietnam's largest oil product importer and distributor, is seeking to sell a stake of between 15 and 25 percent to Japan's JX Nippon Oil & Energy Corp, a Petrolimex executive was quoted on Wednesday as saying.
The Hanoi-based firm has been accelerating talks with the Japanese company over the sale, Dinh Viet Tien, chief of Petrolimex's Supervisory Board, was quoted by the official Vietnam News daily as saying. He gave no value for the sale.
In December 2014 Petrolimex signed a memorandum of understanding with the Japanese firm, under which JX Nippon Oil & Energy would become a strategic investor in Petrolimex via a share issue, Petrolimex has said.
Petrolimex Management Board will continue talks with the strategic investor over the share issue for raising its registered capital, while reducing the state ownership to below 75 percent, Petrolimex said in a separate statement issued on Tuesday.