PetroVietnam reviewing possible bid for Bp asset

Vietnam’s state oil group PetroVietnam is still reviewing whether to bid for BP’s stake in a gas project within the country, Vice President Do Van Hau told Reuters on Tuesday.

Vietnam’s state oil group PetroVietnam is still reviewing whether to bid for BP’s stake in a gas project within the country, Vice President Do Van Hau told Reuters on Tuesday.

“We haven’t asked the government to approve. We are still considering what we are going to do,” he said on the sidelines of a conference in Seoul.

He was speaking in reaction to an online newspaper report early this month that Hanoi-based Vietnam Oil & Gas Group, better known as PetroVietnam, plans to bid for the asset once it obtains government approval.

“We don’t have a decision yet. We are reviewing it,” he added.

BP plans to sell its 35 percent stake in the Nam Con Son gas project as part of its goal of selling $30 billion in assets over the next 18 months to cover costs for containing the oil spill in the Gulf of Mexico.

PetroVietnam has a 20 percent stake while India’s state-run explorer Oil and Natural Gas Corp holds 45 percent.

Indian Oil Secretary S. Sundareshan said late last month that ONGC and PetroVietnam would submit a joint formal offer within weeks to buy BP’s asset. – Reuters

Tags: BP assets in Vietnam, BP Vietnam

Posted by VBN on Aug 25 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry