Tuesday, 24 August 2010

PetroVietnam reviewing bid for BP asset

The Vietnamese vice president, Do Van Hau, has said that PetroVietnam is reviewing its decision whether to bid for BP's stake in a gas project within the country.

"We haven't asked the government to approve (a deal). We are still considering what we are going to do. We don't have a decision yet. We are reviewing it," said the vice president at a conference in Seoul.

BP plans to sell its 35 per cent stake in the Nam Con Son gas project as part of its programme to cover the costs of the oil spill in the Gulf of Mexico. PetroVietnam has a 20 per cent stake while India's state-run explorer Oil and Natural Gas Corp (ONGC) holds 45 per cent. Indian oil secretary S. Sundareshan said that ONGC and PetroVietnam are considering a joint formal offer to buy BP's asset.

Source: Reuters

For more news and expert analysis about Vietnam, please see Vietnam Focus.

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