PetroVietnam reduces non-petro investments
Print 
The Vietnam National Oil and Gas Group (PetroVietnam) has signed deals to sell its stakes in two real estate and securities companies to investors from the Republic of Korea.
Under the agreements, which were signed at an ongoing conference on trade promotion in the RoK, Hanshin Group will purchase a 10 percent stake of PetroVietnam in PetroVietnam Construction Joint Stock Corporation (PVX) and Shinhan Investment Group will buy a 15 percent stake of PetroVietnam in PetroVietnam Securities Incorporation (PSI).
PetroVietnam’s Deputy Director General Nguyen Tien Dung said selling off its stakes in non-petro areas was part of the corporation’s plan for the next five years.
Dung said PetroVietnam would focus on only four key areas: oil exploration and exploitation at home and abroad, petrochemistry, thermo-electricity and other clean energies, and technical services in the oil industry.
The group would maintain its 100 percent stake in PetroVietnam Exploration Production Corporation as part of this plan, he said.
