A corner of the Dung Quat Refinery Plant

The Government plans to reduce its ownership stakes in some state energy companies, the Ministry of Industry and Trade said in early August.

The government plans to sell a 49 percent stake in Binh Son Refining and Petrochemical Company Limited (BSR), which runs Dung Quat Refinery Plant, said Deputy Minister of Industry and Trade Cao Quoc Hung.

The government also plans to reduce its ownership of PetroVietnam Oil Corporation (PVOil) from 100 percent to 51 percent and in PVcomBank from 51 percent to below 20 percent, Hung said.

The Vietnam Oil and Gas Group (PetroVietnam) would remain state-owned until at least 2030, he said.

Along with PetroVietnam, the State will maintain a decisive role in important subsidiaries, including PVGas and Vietnam National Petroleum Group (Petrolimex), he said. The state plans to lower its stake from the current 96.7 percent to below 75 percent in PVGas while it will remain at 75 percent in Petrolimex.

Nguyen Viet Son, Deputy General Director of General Department of Energy, said that the restructuring of the oil and gas sector would improve the sector's competitiveness.

The oil-gas sector will also attract private companies and foreign investors in oil refinery plants and allow them to sell their products as well as establish an overseas gas company, he said.

Source: VNA