The Vietnam National Oil and Gas Group (PetroVietnam) has signed deals to sell its stake in real estate and securities companies to the Republic of Korea (RoK) partners.

Under the agreements, which came at an ongoing conference on trade promotion in the RoK, Hanshin Group will purchase a 10 percent stake of PetroVietnam in PetroVietnam Construction Joint Stock Corporation (PVX) and Shinhan Investment Group will buy a 15 percent stake in PetroVietnam Securities Incorporation (PSI).

PetroVietnam Deputy Director General Nguyen Tien Dung said this was part of the group’s plan mapped out for the next five years, during which it would focus on only four key areas: oil exploration and exploitation both at home and abroad, petrochemistry, thermo-electricity and other clean energies, and technical services in the oil industry.

The group would keep its 100 percent stake in PetroVietnam Exploration Production Corporation to ensure the target was met, he said.

Source: VNA