The Japanese firm became an official stakeholder in Petrolimex on May 28, the latter said in a draft report that is to be presented at its annual shareholders' meeting on June 23.
The Vietnamese government, through the Ministry of Industry and Trade, currently owns about a 95 percent stake in Petrolimex, with the rest held by the public and the company's labor unions. The company plans to continue selling shares to strategic partners until the government's stake is less than 75 percent as part of its restructuring efforts.
Petrolimex said earlier this year that part of the funding from the sales will be used to finance its trading unit in Singapore, which is incurring losses.
A Petrolimex gas station. Photo by Petrolimex. |
The two companies have been negotiating the deal for the past two years. Petrolimex had initially wanted to sell a 20 percent stake to the Japanese company, but a deal for eight percent has been finally agreed.
JX Nippon & Energy signed a memorandum of understanding in December 2014 to become a strategic partner of Petrolimex. The two companies plan to set up a joint venture to invest in the proposed Nam Van Phong Refinery in the central province of Khanh Hoa.
Related news:
> Petrolimex to sell 8 pct stake to Japanese JX Nippon & Energy
Từ vựng liên quan
Tin tức liên quan
Bamboo Airways signs $2-bln deal with Safran, GE
companies | 351696606Bamboo Airways has signed a EUR1.73-billion ($2 billion) deal with France’s Safran and the U.S.’s General Electric for aircraft engines and equipment.
Vietnam to ban insurance companies from real estate investment
economy | 393256616Insurance companies will not be allowed to invest in real estate starting Jan. 1, according to the latest changes in the insurance law that legislators have voted on.
Netflix, Spotify stop free trial offers in Vietnam
news | 312986612Netflix has stopped its 30-day free trial offer in Vietnam, and Spotify will stop its three-month free premium offer next week.
For Chinese gays, 'coming out' is a family affair
travel-life | 324966591When Piao Chunmei's son told her he was gay, she reacted the way many Chinese parents do, sleepless and crying for days due to the lingering shame of same sex relationships in China.
Hanoi water supplier denies responsibility, claims it's the 'biggest victim'
news | 333276614The water supplier at the heart of the oil contamination crisis is playing innocent and evading its responsibility for dubious actions and statements.
Covid under control, Quang Ninh reopens intra-provincial tourism
places | 332106615The northern province Quang Ninh has resumed intra-provincial tourism and entertainment activities starting Tuesday, but only for vaccinated residents.
South Korea braces for possible new missile test to mark North's founding day
world | 187906625Pyongyang marks its founding anniversary each year with a big display of pageantry and military hardware.
Shinhan Bank Vietnam appoints new CEO
companies | 380176607Shinhan Bank Vietnam on Monday announced the appointment of Kang Gew Won as its CEO, replacing Lee Taekyung after a year at the helm.
S.Korea issues arrest warrants for two ex-presidential aides
world | 305396597The scandal has sent president Park's approval rating to a record low.
Philippines' Duterte asks head of human rights agency: 'Are you a pedophile?'
world | 312316607Duterte also accused the human rights head of being a spokesman for the opposition party.