Vietnam's PV Gas eyes overseas fields: report
While many of its oil ventures have been affected by the global oil slump, state energy giant PetroVietnam's gas arm PV Gas is still looking to expand its business abroad, local media have reported.
PV Gas has been working with foreign oil and gas companies to acquire their fields since last year, news website Saigon Times Online said on April 3, citing company chairman Le Nhu Linh.
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The company said it is ready to spend "hundreds of millions of dollars" investing in overseas gas fields over the next five years, and transport the outputs to Vietnam, according to the website.
PV Gas expects the expansion to help double its assets in 2020 from an estimate of VND56.7 trillion (US$2.5 billion) at the end of last year, thus increasing its presence in Asia, CEO Duong Manh Son said in the website.
Controlling around 70% of the domestic market of liquefied petroleum gas, PV Gas posted revenue of more than VND64.5 trillion (US$2.84 billion) last year, down 12.2% from 2014, according to the company's latest figures.
PetroVietnam, which currently owns a stake of 96.7% in PV Gas, has been expected to reduce its ownership to 75%. No progress of the share sale plan has been reported since it became known in 2014.
PV Gas raised about $97 million in an initial public offering in 2010, which was considered the biggest ever at the time.
