PetroVietnam Finance Corp to Arrange $5.5B for Oil, Gas Projects by 2015

PetroVietnam Finance Corp. or PVFC (PVF), an affiliate of the state-run Vietnam Oil and Gas Group, targets to arrange a combined $5.5 billion for oil and gas projects in the 2011-2015 period.

 

PVF, with a registered capital of VND5 trillion, had a market capitalization of VND13.8 trillion as of June 28.

 

The firm has recently signed a deal to arrange $60 million for Binh Son Oil Refining & Petrochemical Co. Ltd (BSR) while it is arranging $32 million for a project to build the second crude oil pipeline and two crude oil tankers for the first national oil refinery Dung Quat.

 

The Hochiminh Stock Exchange-listed firm expects a pretax profit of VND620 billion and revenues of VND5.059 trillion in 2010, up 1% and down 11% on year, respectively, and a dividend payout equivalent to VND700/share.

 

PVF, with a 10% stake held by Morgan Stanley, will officially float its shares on the Singaporean stock exchange in the third or fourth quarter of this year. (Vietnamnet)