Dung Quat Oil Refinery reveals strategic investors
Binh Son Refinery and Petrochemical (BSR) made its debut on the Unlisted Public Company Market (UPCoM) on March 1, revealing the name of its two strategic investors at the event.
As of present, 02 investors have registered to become strategic investors for BSR, namely Vietnam National Petroleum Group (Petrolimex) and Indian Oil Corp (India), according to BSR.
Binh Son Refinery and Petrochemical.
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Following the equitization plan, BSR is expected to offer 49% of its stakes to strategic investors, reducing state capital at the company to 43%.
With the starting price of VND22,400 (US$1), BSR is set to receive at least VND5.4 trillion (US$237 million) for the 242 million shares on offer.
Under current regulations, BSR's share value in the first trading session at UPCoM will be allowed to go up by a maximum of 40%, equivalent to a possible price of VND31,360 (US$1.3) per share.
Previously, BSR raised VND5.57 trillion (US$245 million) in proceeds by selling 241.55 million shares, equivalent to a 7.79% stake, at the company's Initial Price Offering (IPO) at the Ho Chi Minh City Stock Exchange (HOSE) on January 17.
The proceeds surpassed the original estimation of VND3.5 trillion (US$154 million) that was calculated with the initial offering price of VND14,600 (US$0.6).
In 2017, BSR's consumption output reached 6.1 million tonnes, resulting in a revenue of VND80.5 trillion (US$3.5 billion), according to the company's financial statement. The Vietnamese oil refinery operator has contributed VND10.3 trillion (US$453 million) to the state budget, recording an after-tax profit of VND8 trillion (US$352 million).
With this, BSR accounted for 16% of the total revenue of its parent company Vietnam National Oil and Gas Group (PVN), for 33% in its profit, and 10% of its contribution to the state budget.
After 9 years of operation, Dung Quat Oil Refinery supplied over 50 million tons of petroleum products to the market, reaching an accumulated revenue of VND862.5 trillion (US$38 billion).
In an unrelated move, the US$9-billion Nghi Son Refinery and Petrochemical is expected to begin producing commercial products such as paraxylene from April and, starting in May, A95 gasoline and diesel fuel, its parent firm Vietnam Oil and Gas Group (PetroVietnam) said.
As Vietnam's second oil refinery, Nghi Son Refinery and Petrochemical, which is co-owned by Kuwait Petroleum Europe BV and Japanese firms Idemitsu Kosan and Mitsui Chemicals, is designed to help Vietnam cope with a shortage of refined oil products. The plant is expected to process 10 million tons of crude oil per year.
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