Dung Quat oil refinery (Photo VNA)

Hanoi (VNS/VNA) –
Representatives from Spanish energy company Repsol have met with leaders of the Binh Son Refinery and Petrochemical Co Ltd (BSR) to seek opportunities to invest in the Dung Quat Refinery.

During the meeting on November 7, Repsol said it not only wants to own shares of Dung Quat Refinery, but also wants to participate in the plant’s management, operation and trade.

Leaders of BSR, which operates the Dung Quat Refinery, agreed with Repsol’s proposal to set up two negotiating teams to further discuss co-operation between the two sides early.

Dung Quat Refinery, which holds one-third of the petroleum market share in Vietnam, plans to sell 4-6 percent of its stake in January next year.

Following the IPO, the Ministry of Industry and Trade (MoIT) plans to continue transferring 49 percent stake to strategic shareholders in 2018, which means the State’s ownership ratio in Dung Quat will be lower than 50 percent. This will allow private investors to control the No.1 oil refinery in Vietnam.

Under the current law, foreign investors are not allowed to distribute petrol products in Vietnam, unless they have oil refineries in the country. Therefore, analysts predict foreign conglomerates will buy stake in Vietnam’s oil refinery to obtain the right to distribute petrol products.-VNA