US giant backs Vietnam’s bid to lead ASEAN gas trade
With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.
The initial public offering (IPO) of Vietnam's Binh Son Refining and Petrochemical (BSR), scheduled on November 07, will be delayed until January 2018 due to the lack of strategic partners.
BSR is a member of the Vietnam National Oil and Gas Group (PVN), whose chartered capital is VND35 trillion (roughly US$1.54 billion), but its equity is currently only about VND34 trillion (roughly US$1.5 billion) due to its early losses since 2010.
BSR - a state-owned company, which has repeatedly delayed its IPO, planned to sell more than 4 per cent of shares to the public and expected to earn US$80 million in the mid-year.
At the same time, the company expected to sell 49 per cent of its stake to strategic investors. However, the equitization plan has recently changed, and the company may sell more shares in the public offering.
Last week, BSR's CEO Tran Ngoc Nguyen said that two foreign corporations doing business in the oil refining sector are seeking to buy BSR shares, including World Petro and MacronPetro Petroleum.
A response letter from John Webster, President of Macron Petro Petroleum sent to BSR, said the company would join the race with a desired 10-40 per cent stake in BSR.
World Petro, the international oil company operating in the United Kingdom, the United States, South America and Singapore, expects to own 49 per cent stake in the company.
Another state-owned company so-called Petrolimex also expresses its intention to buy shares of Dung Quat oil refinery after the two parties signed the cooperation agreement. This group accounts for more than 40% of the 21 units consuming petroleum products of the plant.
"We are still considering, not yet select any strategic partner," Nguyen said.
Recent improvements in Dung Quat's performance are posing positive factors to the largest refinery's IPO in Vietnam. The plant has undergone maintenance for the third time in July 2017.
In the first six months of this year, BSR reached revenue of VND38,652 billion (roughly US$1.7 billion), up 15 per cent yoy. The company achieved a net profit of VND3,832 billion (roughly US$168 million), a fourfold increase in the first half of 2016.
With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.
Scheduled for completion in 2027, the logistics facility will be the first of its kind in Vietnam significantly boosting parcel processing capacity up to 7 million parcels daily.
Gamuda Land will use the loan to invest in a luxury real estate project in Ho Chi Minh City.
Amid global economic volatility, WHA Group has rapidly rolled out multiple expansion projects in Vietnam, signaling its strategic focus on the country.
Hai Phong Port JSC. has inaugurated international container terminals No. 3 and 4 at Lach Huyen, raising its throughput capacity to 3.5 million TEUs per year.
Hoang Huy expects revenue to exceed VND4 trillion and post-tax profit to reach up to VND2 trillion in fiscal year 2025-2026, targeting annual growth of over 30% for the next five years.