PetroVietnam plans IPO for petrochemical unit

10:33 | 20/11/2015 Industry Follow Ven.vn on

The Vietnam Oil and Gas Group, or PetroVietnam (PVN), will equitise the Binh Son Refining and Petrochemical Limited Company (BSR).

An oil-rig in the Bach Ho oilfield of Vietsovpetro, a joint venture between PetroVietnam and Russia's Zarubezhneft (Source: VNA)

According to a statement released in early November, PetroVietnam will announce the corporate value of BSR on December 31 this year.

BSR has been making preparations for the equitisation, including looking for partners to buy shares and searching for consultancy firms to estimate the value of the company's assets.

BSR is managing the Dung Quat Oil Refinery, the first refinery of Vietnam. The company's main activities are producing and selling petroleum products, biofuels and polypropylene plastic beads.

The company has a charter capital of 35 trillion VND (1.56 billion USD) and 1,500 employees. In the first 10 months of this year, BSR produced 5.64 million tonnes of products in various categories, achieving 96 percent of the company's target this year.

BSR sold 5.52 million tonnes of products, equivalent to 94 percent of this year's target. The company contributed more than 18.3 trillion VND (815.9 million USD) to the state budget.

BSR also signed a contract on August 28 with the United Kingdom-based Amec Foster Wheeler Energy Limited for the preparation of a master design for the Dung Quat Oil Refinery expansion project in the central Quang Ngai Province.

The contract work, worth 25.6 million USD, was launched at the beginning of August and will continue till November 2016./.

Source: VNA

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