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Vietnam Today

PVPower to be equitized

Released at: 13:08, 26/06/2015

PVPower to be equitized

Equitization part of PetroVietnam's equitization scheme.

by Tue Lam

This year and next year the government will carry out the equitization of the PetroVietnam Power Cooperation (PVPower)  as part of the Decision on “Restructuring the Vietnam Oil and Gas Group (PetroVietnam) in the 2012-2015 Period ", which has just been signed by the Prime Minister.

The Decision also states that from this year to the end of 2017 the government will implement procedures to transfer the Binh Son Refining and Petrochemical Company, a subsidiary of PetroVietnam, into a limited liability company with two members. PetroVietnam will hold 51 per cent of the charter capital.

Also in this period the government will carry out the divestment of 36 per cent of the charter capital of the PetroVietnam Construction Joint Stock Company (PVC). The ratio of capital PetroVietnam will hold in the PetroVietnam Transportation Corporation, meanwhile, will increase to 51 per cent and its capital in the Long Son Petrochemical Company (LSP) will increase to 29 per cent. It will continue to hold 25.34 per cent of the charter capital in the PetroVietnam General Services Joint Stock Company.

In the Decision the PM also requested that PetroVietnam consider reorganizing all new units and floating repair facilities into an appropriate model, optimizing its resources, improving its operational efficiency, and avoiding internal competition.

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