Spanish energy giant Repsol seeking to invest in Dung Quat oil refinery
By Minh An
November 10, 2017 | 11:04 AM GMT+7
Spanish-based energy company Repsol (Repsol), which has mineral rights to seven oil blocks on the continental shelf of Vietnam, is looking to expand its investment in oil and gas industry in Vietnam.
Spanish-based energy company Repsol wants to expand its investment in Vietnam oil and gas industry.Binh Son Refining and Petrochemical Company (BSR) revealed that lately, Repsol had a meeting with BSR leaders to explore the opportunities for cooperation and investment.
Repsol expects not only to own a stake in BSR but also to deepen its involvement in the management, operation, and trade of crude oil.
Both sides agreed to set up two negotiating teams to discuss bilateral cooperation issues as soon as possible.
BSR, a subsidiary of the Vietnam National Oil and Gas Group, directly manages and operates the Dung Quat oil refinery. Under its plan, the company will sell its shares to strategic investors in 2017 in the initial public offering (IPO); however, the plan was recently postponed to the beginning of 2018.
49 per cent stake in Dung Quat oil refinery which reaches the capitalization value of US$3.2 billion might be sold to foreign investors.
According to BSR, after first 10 months of this year, gasoline production of Dung Quat oil refinery reached 4.9 million tonnes, making its turnover reach VND63.3 trillion (roughly US$2.79 billion).
Repsol is currently involved in a number of upstream oil and gas projects in the continental shelf of Vietnam. The group currently has mineral rights to seven blocks including five exploration blocks with a net surface area of 73,231 square kilometres, and two production and development blocks with a net surface area of 152 square kilometres. Last year, Repsol's oil production in Vietnam amounted to 1.8 million barrels.
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