Petrolimex eyes 8% stake sale to Japan’s JX

摘要

Vietnam’s state-controlled Petrolimex said Wednesday it plans to sell an 8% stake to its Japanese strategic partner JX Nippon Oil & Energy at about $174 million in 2016. Petrolimex, which accounts for about half Vietnam’s domestic oil product sales, hopes to gain at least Dong 3.934 trillion ($174 million) from the sale, part of which will be used to finance its Singapore-based trading unit, which is incurring losses, the Vietnamese company said. In December 2014, JX Nippon & Energy signed a memorandum of understanding with the Vietnamese oil products trader and retailer to become its strategic partner.