US firm eyes 49% stake in Dung Quat Oil Refinery
Polestar Inc, a firm specializing in oil and gas transport in Texas in the U.S., wants to acquire a 49% stake in Binh Son Refining and Petrochemical Company (BSR), the operator of Dung Quat Oil Refinery.
A night view of Dung Quat Oil Refinery, which processes and supplies 30% of fuels on the Vietnamese market |
The group will initial a contract with BSR to buy the shares at the end of this month. The group has plans to join the Dung Quat Oil Refinery expansion project, build a storehouse with fuel tanks, implement customs procedures and participate in the fuel export sector wherein PV Oil is a monopolistic player.
Vitol Group, a global energy and commodity trading company, also expressed interest in BSR shares, saying it wants to enter the Vietnamese fuel market.
BSR planned to offer 7.79% of its shares on the Hochiminh Stock Exchange (HOSE) on January 17 at a price starting from VND14,600 per share. A 49% stake will be sold to strategic investors in the next phase, reducing State ownership to 43%.