August 03, 2017 | 00:46 (GMT+7)
PV Gas D sells nearly 25 pct of stake to Tokyo Gas Asia
The PetroVietnam Low Pressure Gas Distribution JSC (PV Gas D), an affiliate of the PetroVietnam Gas Corporation (PV Gas), announced on August 1 that it will sell 24.9 percent of its stake to Tokyo Gas Asia, a subsidiary of Tokyo Gas.
Photo for illustration: pvgasd.com.vn
Both sides also signed a strategic alliance agreement, under which Tokyo Gas Asia will use its technology and expertise to improve PV Gas D’s operating efficiency.
The move is meant to realize a memorandum of understanding on comprehensive cooperation in developing liquefied natural gas (LNG) value chain in Vietnam signed between PV Gas and Tokyo Gas.
Earlier in July 2016, Tokyo Gas and PV Gas established the LNG Vietnam JSC, which specializes in LNG infrastructure and trade.
Founded in December 2014, Tokyo Gas Asia is wholly-owned by Tokyo Gas and headquartered in Singapore.
As the largest national gas utility in Japan, Tokyo Gas has developed its network in many countries.
Source: VNA