Illustrative photo (Photo: VNA)
 
Hanoi (VNA) – PetroVietnam Power Corporation (PV Power), a wholly-owned subsidiary of the state-owned energy giant PetroVietnam, said it will sell a 49 percent stake late this year with priority given to strategic investors.

The corporation is giving a push to the equitisation progress, and the initial public offering (IPO) is expected to be carried out in October, 2017, Chairman of PV Power Management Board Ho Cong Ky said at a press conference to announce the company’s business performance on June 14.

Equitisation in 2017 and 2018 is considered to be a little bit difficult as stakes of three large oil and gas corporations are on IPO in this year. Thus, the amount of PV Power shares offered to the public sale accounts for only 4-5 percent of its capital and the remaining will be sold to long-term strategic investors.

PV Power General Director Nguyen Xuan Hoa said that over 100 businesses have shown their interest in acquiring PV Power stakes, however, the company is considering ten large investors from Japan, the Republic of Korea, ASEAN, the Middle East and the EU.

PV Power, established in 2007, is the second largest power producer in Vietnam after the Electricity of Vietnam (EVN). The firm produces and sells electricity as well as repairs and maintains power plants. It also provides equipment and spare parts, sells coals to power plants and develops power projects.

The company has a chartered capital of 21.7 trillion VND (960 million USD). Currently it is operating eight power plants, including four gas-fired power plants, three hydropower plants and one coal-fired thermal power plant with a total designed capacity of 4,208 MW.

PV Power contributed 21 billion kWh to the national grid in 2016. The company will invest in nine gas-fired power projects and four coal-fired thermal projects with total capacity of over 10,000 MW in the coming time.-VNA