PetroVietnam Affiliates Ink Partnership Deal
PetroVietnam Finance Company (PVFC) and PV Transportation Company (PV Trans), the two affiliates of state-owned oil monopoly PetroVietnam, March 20 opened a strategic development partnership, an official familiar with this matter said.
PVFC and PV Trans will assist each other with finance consulting, payment services, credit and fund settlements and investment, said the partnership plan.
Both parties have agreed to promote joint investment projects in the future, according to the plan.
This year PVFC announced that Morgan Stanley had become the firm’s first foreign shareholder after the Wall Street investment bank acquired a 10 per cent stake in the company.
The U.S. bank paid US$217 million for the acquisition.
The local company would sell 8 per cent of its shares to another foreign investor, PVFC CEO Tong Quoc Truong said late last year without providing more details.
The Hanoi-based PVFC, with a chartered capital of VND5 trillion (US$318 million), acts as a de factor bank for PetroVietnam. (Thanh Nien Daily)
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