Vietnam's PV Oil in talks to sell 40% stake as state opens market

Vietnam's PV Oil in talks to sell 40% stake as state opens market

Crude oil. Photo: Bloomberg

PetroVietnam Oil Corp., Vietnam’s sole crude exporter, said it’s in talks to sell as much as 40 percent to strategic investors and expects to narrow down to a list of about five potential bidders for the government this month.

PV Oil, as it’s commonly known, expects to raise at least $270 million from one or two investors from the stake sale, President and Chief Executive Officer Cao Hoai Duong said at the company’s Ho Chi Minh City headquarters. About 10 potential strategic investors, including “major oil companies” from Japan, South Korea, Thailand, Vietnam and the Middle East, have applied to buy the shares, he said.

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