Seoul (VNA) – GS Caltex Corp, the second largest refiner by sales in the Republic of Korea, said on October 7 that it has signed a deal worth 39 billion VND (1.6 million USD) with Vietnamese startup VI Automotive Service in its first investment in the Southeast Asian country.

Under the deal reached during a videoconference on October 6, GS Caltex is set to acquire a 16.7 percent stake in the VI Automotive Service as soon as administrative procedures are wrapped up in Vietnam.

VietWash, a subsidiary of VI Automotive Service, operates about 50 car washes in Vietnam.

GS Caltex also said it plans to sell lubricant products in Vietnam.

GS Caltex is a 50:50 joint venture between GS Energy and Chevron Corp, the second-largest US oil producer./.