Petrovietnam group to sell shares in subsidiary Binh Son Refining and Petrochemical Co to public

25-Jun-12

Vietnam’s oil and gas company- Petrovietnam group will sell shares in its subsidiary, Binh Son Refining and Petrochemical Co which is the operator of the country's only oil refinery, to the public by end of 2012. The operator of the US$2.2 bln Dung Quat refinery will have less state ownership along with 92 other state-owned enterprises this year. The term 'equitisation' is used instead of privatisation to describe the process of reducing state ownership via initial public offerings, in which the state retains a majority of shares. The ministry did not say how much of the stake in Binh Son would be offered to the public. An IPO in Vietnam is separate from a listing, which can come several years after the shares have been sold to the public.