PetroVietnam making plan to buy BP assets in Vietnam

The state-run Vietnam Oil and Gas Group (PetroVietnam) is making a plan to buy BP’s assets in the Southeast Asian country, said Chairman Dinh La Thang.

Thang made the statement on the sideline of a regular cabinet meeting in Hanoi on Aug 30-31, PetroVietnam Construction Corp or PVC (PVX), an affiliate of PetroVietnam, said on its website.

PetroVietnam is collaborating with partners, including India’s ONGC to draw a plan for the bidding, Thang attributed, noting that the group would buy the assets at a proper price but not at any cost.

He did not disclose estimated capital for the purchase but said it is inconsiderable.

Earlier, PetroVietnam Vice President Do Van Hau was quoted by the Reuters newswires as saying that the group is still considering whether to bid for BP’s assets in the country, and has not yet asked for the government’s approval for the issue.

BP plans to sell its upstream assets in Vietnam as part of a $30 billion divestment process globally to raise money to cover the cost of the Gulf of Mexico oil spill.

The U.K oil giant’s upstream assets in Vietnam comprise a 35% stake in Lan Tay and Lan Do gas fields (block 6.1), a 32.67% stake in Nam Con Son Gas Pipeline and a 33.35% stake in Phu My 3 Power Plant.

Tags: BP assets in Vietnam, PetroVietnam