Economic Trend News
- Morgan Stanley to buy stake in Vietnamese petrol firm
Date: 17-Oct-2007 Sources: (People's Daily)
Leading global financial organization Morgan Stanley will acquire 10-percent stake in PetroVietnam Finance Corporation (PVFC), an affiliate of Vietnam National Oil and Gas Group (PetroVietnam), local newspaper Vietnam News reported Wednesday.
Under an agreement signed by the Vietnamese group and the global financial advisor on Tuesday, Morgan Stanley will assist PetroVietnam to raise capital from regional and international markets, and access advanced management skills. The deal marked a milestone for PetroVietnam to revitalize its expansion plans to the fields of finance, insurance and securities.
According to another agreement also inked by PetroVietnam and Vietnam's Hanoi Securities Trading Center on Tuesday, the center will help the state-run group equitize its subsidiaries and capitalize money from the local stock market more effectively. PVFC will auction its shares at the center on Oct. 19.
PetroVietnam plans to exploit 19-20 million tons of crude oil and 10-12 billion cubic meters of gas, and make revenues of 20 billion U.S. dollars in 2015.
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