PetroVietnam, officially known as the Vietnam Oil and Gas Group, stands as Vietnam’s sole non-banking corporation with a valuation surpassing VND 1 quadrillion at present.
According to PetroVietnam, in alignment with the restructuring plan approved by the Prime Minister, the group will divest its entire stake in PetroVietnam Machinery and Equipment Maintenance Corporation (PVMR) by 2025.
This strategic move aims to refocus resources on core business areas, including oil and gas exploration, production, processing, energy development, and high-quality technical services.
The group will publicly auction 20.5 million common shares (par value VND 10,000 per share), representing 41% of PVMR’s chartered capital, on the Ho Chi Minh City Stock Exchange (HSX).
The starting price is set at VND 14,100 per share, with a bidding increment of VND 100 per share and a 10% deposit based on the starting price for the total registered shares.
This divestment marks a pivotal step in PetroVietnam’s portfolio restructuring, aligning with the government’s policy to withdraw capital from non-core sectors.
By divesting from PVMR, the group aims to strengthen its focus on strategic sectors such as oil and gas exploration, production, processing, energy development, and advanced technical services, while enhancing transparency and efficiency in state capital utilization.
Established in 2008 with a chartered capital of VND 500 billion, PVMR has grown into a leading provider of maintenance and advanced technical services for oil, gas, and industrial projects nationwide.
Notable projects include the Dung Quat Oil Refinery, Nghi Son Refinery and Petrochemical Complex, Vietsovpetro’s offshore facilities, and various power plants, fertilizer factories, biofuel facilities, and petroleum storage terminals.
PVMR is committed to sustainable growth, focusing on high-tech, eco-friendly maintenance solutions that meet international standards and cater to the growing domestic and regional market demands.
Core services encompass industrial and oil & gas maintenance, supply of equipment and technology, technical inspection and consulting, energy auditing, HSE services, and maritime safety inspections for ports and terminals.
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