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Tag: PV oil

  • Vietnam’s VinFast in deal with PV Oil for electric car charging stations

    Vietnam’s VinFast in deal with PV Oil for electric car charging stations

    VinFast on Thursday signed a memorandum of understanding with PetroVietnam Oil Corp. to build charging stations for its electric cars and scooters.

    The company, a unit of Vietnam’s largest conglomerate Vingroup JSC, is building a $3.5-billion scooter and automobile complex in northern Vietnam, with its first production electric scooters slated to hit the streets late this year.

    Thursday’s agreement will pave the way for VinFast to deploy charging stations at 20,000 of PV Oil’s existing service stations in Vietnam by 2020, VinGroup said in a statement.

    This is part of VinFast’s plan to launch between 30,000 and 50,000 charging stations nationwide by 2020, it said.

    VinFast customers will be able to charge their vehicles or change their batteries at these stations, it added.

    VinFast Chief Executive Officer Jim Deluca said in an interview earlier this month that the firm would produce 250,000 electric scooters a year alongside 250,000 cars, in an ambitious production target that is set to eventually increase to 1 million units each a year.

    The company has started on the development of a battery electric vehicle with Germany’s EDAG Engineering.

    Vingroup, which has a market value of about $13.2 billion, also has businesses in property, hospitality, entertainment, retail, healthcare, education, agriculture and smart phone production.

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  • Vietnam government likely to sell stake in PV Oil next year

    Vietnam government likely to sell stake in PV Oil next year

    The government is expected to reduce its stake in PV Oil, a major trader of crude oil and petroleum products, to 35.1 percent in 2019 from the current 80.52 percent.

    CEO Cao Hoai Duong told shareholders at the annual general meeting on July 30 that the firm is now seeking guidance on the foreign ownership cap.

    “After a maximum of 45 days from this meeting, we will send our proposal to state authorities. We will convince authorities to set the ceiling at 49 per cent,” he said.

    Last December PV Oil announced plans to sell a 44.72 per cent stake to foreign strategic shareholders.

    This aroused much interest among potential investors, including South Korea’s SK Energy, Japan’s Idemitsu, private lender HDBank, and multi-sector private group Sovico Holdings.

    They made bids to buy 2.78 times the number of shares PV Oil was offering.

    However, PV Oil’s proposal for a four-month extension of the strategic sales process to July 31 was rejected by the government.

    Foreign investors now own 6.62 percent of the company.

    The company held an IPO last year, and Duong said the earliest it is likely to list on the Ho Chi Minh stock exchange is 2019.

    Its shares are traded now on the Unlisted Public Company Market or UPCoM.

    At the AGM, shareholders approved a new board of directors for 2018-2023 made up of seven members – five from state-run PetroVietnam, one independent member and one representing other shareholders, Tran Hoai Nam, who is also deputy CEO of private carrier Vietjet Air.

    Duong said expanding to achieve 35 per cent market share in petroleum retail sales through mergers and acquisitions remains PV Oil’s long-term strategy.

    It now has 611 gas stations and a 22 per cent market share.

    Its major competitor, Petrolimex, has around 2,500 gas stations and about a 50 per cent share.

    Duong said quick divestment by the government would help the firm achieve its expansion ambitions more easily.

    PV Oil’s IPO fetched the government VND4 trillion ($172 million).

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