The Vietnam National Oil and Gas Group (PetroVietnam) has signed deals to sell stakes in real estate and securities companies to partners from the Republic of Korea (RoK) .
Under the agreements, which were signed at an ongoing conference on trade promotion in RoK, Hanshin Group will purchase a 10 percent stake in the PetroVietnam Construction Joint Stock Corporation and the Shinhan Investment Group will buy a 15 percent stake in PetroVietnam Securities Incorporation.
PetroVietnam Deputy Director General Nguyen Tien Dung said that this was part of the group's five year plan, during which time it would focus on four key areas: oil exploration and exploitation both at home and abroad, petrochemistry, thermo-electricity and other clean energies, and technical services in the oil industry.
The group would retain its 100 percent stake in PetroVietnam Exploration Production Corporation to ensure the target was met, he said.
In addition, PetroVietnam Insurance's strategic shareholder, the Oman Investment Fund, has decided to raise its holdings in the Vietnamese partner.
Vice chairman of the PetroVietnam board Hoang Xuan Hung said that the two sides had reached an agreement to enhance co-operation, particularly in oil and gas.
The Oman Oil Company has also agreed to invest in the Ca Mau Fertiliser Plant project, which is expected to go into operation in 2012.
The two sides will sign the detailed contract in Q3.
PetroVietnam estimates its first half total revenue will reach 340 trillion VND (16.5 billion USD), up 45 percent year-on-year and 68 percent of the group's target for the year.
Oil sales are projected to earn 5.8 billion USD, up 34 percent from the same period in 2010, and equivalent to 69 percent of its annual goal.
In the first half of this year, PetroVietnam disbursed a total investment worth more than 46 trillion VND (2.23 billion USD), equivalent to 37 percent of the total it projected for the whole year./.
Under the agreements, which were signed at an ongoing conference on trade promotion in RoK, Hanshin Group will purchase a 10 percent stake in the PetroVietnam Construction Joint Stock Corporation and the Shinhan Investment Group will buy a 15 percent stake in PetroVietnam Securities Incorporation.
PetroVietnam Deputy Director General Nguyen Tien Dung said that this was part of the group's five year plan, during which time it would focus on four key areas: oil exploration and exploitation both at home and abroad, petrochemistry, thermo-electricity and other clean energies, and technical services in the oil industry.
The group would retain its 100 percent stake in PetroVietnam Exploration Production Corporation to ensure the target was met, he said.
In addition, PetroVietnam Insurance's strategic shareholder, the Oman Investment Fund, has decided to raise its holdings in the Vietnamese partner.
Vice chairman of the PetroVietnam board Hoang Xuan Hung said that the two sides had reached an agreement to enhance co-operation, particularly in oil and gas.
The Oman Oil Company has also agreed to invest in the Ca Mau Fertiliser Plant project, which is expected to go into operation in 2012.
The two sides will sign the detailed contract in Q3.
PetroVietnam estimates its first half total revenue will reach 340 trillion VND (16.5 billion USD), up 45 percent year-on-year and 68 percent of the group's target for the year.
Oil sales are projected to earn 5.8 billion USD, up 34 percent from the same period in 2010, and equivalent to 69 percent of its annual goal.
In the first half of this year, PetroVietnam disbursed a total investment worth more than 46 trillion VND (2.23 billion USD), equivalent to 37 percent of the total it projected for the whole year./.
