BP to transfer Phu My 3 stake to SembCorp

British Petroleum (BP) is planning to divest its investment in Phu My 3 Power Co natural gas-fired plant in Vietnam and transfer the ownership of this facility to Singapore’s SembCorp Industries Ltd, the Ministry of Industry and Trade announced Wednesday (December 24).

The petroleum giant currently holds 33.3 per cent equity stake in this power plant. Once the transfer of shares is completed, Petcolast, BP’s joint-venture with Petrolimex Vietnam, will be its lone direct investment left in Vietnam.

Phu My 3 power plant was built under the first BOT (build-operation-transfer) contract in Vietnam’s energy sector, and is located about  70 kilometers from Ho Chi Minh City. With more than 20 years of planned operation, it was built through a joint venture between BP, SembCorp and a consortium of Japanese investors (Kyushu Electric Power Co and Sojitz Corp). The plant has a total investment of $412.8 million. and since its operation in 2004, it has provided 47.22 billion kW electricity to the nation.

BP in Vietnam is also involved in the production and distribution of lubricants through BP-Petco, which was established in 2007.

For Sembcorp Industries Ltd, the power plant Phu My 3, where it holds a one-third stake, was its first investment in Vietnam. Since then Semborp has also invested in Dung Quat Economic Zone, which is also a BOT contract, which has an estimated investment up to $2 billion.

In 2013, Phu My 3 Power Co clocked a net profit of S$820 million, an increase of nine per cent compared to 2012.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.