Vietnam National Petroleum Group has just announced a Resolution approving the divestment plan of Petrolimex Laos Company Limited. The Board of Directors has agreed on the plan to transfer the Group's capital in Petrolimex Laos through a public auction.

The total value of the Group's capital contribution at Petrolimex Laos is 1.89 million USD, equivalent to 100% of the company's charter capital.

Accordingly, the Vietnam National Petroleum Group will transfer the entire value of its capital contribution at Petrolimex Laos, without dividing it into smaller parts. The Group will conduct a public auction in lots (the entire value of the capital contribution is 1 lot) through an asset auction organization in Vietnam.

The starting price is nearly 68.2 billion VND and the auction is expected to take place in early April. Participants in the auction include domestic and foreign investors.

Petrolimex Laos
Petrolimex Laos was established in 2011. Photo: Petrolimex

Vietnam National Petroleum Group said that the divestment of all capital at Petrolimex Laos is under the direction of the State management agency and the group's restructuring project for the 2021-2025 period, with a vision to 2035, approved by Petrolimex's extraordinary general meeting of shareholders at the meeting held in December 2022.

Previously, in 2011, the group decided to establish Petrolimex Laos on the basis of acquiring 100% of the shares of Chewron Laos Company. Petrolimex Laos is responsible for importing and exporting petroleum products from Vietnam, and at the same time organizing petroleum business in Laos.

A few days ago, the Vietnam National Petroleum Group also submitted a document to the 2025 Extraordinary General Meeting of Shareholders requesting approval of the plan to merge Petrolimex Petroleum Services Corporation (PTC) with a charter capital of VND 300 billion into the group.

This oil and gas giant believes that the merger of PTC into the group is to ensure compliance with the goals and directions identified in the restructuring plan. The group continues to streamline its apparatus, restructure its operating model towards cost reduction, improve business efficiency and ensure optimal benefits for shareholders.

The reason Petrolimex wants to 'erase the name' of a corporation with a charter capital of 300 billion VND According to the submission to the 2025 Extraordinary General Meeting of Shareholders, Vietnam National Petroleum Group (Petrolimex) will merge Petrolimex Petroleum Services Corporation with a charter capital of 300 billion VND into this corporation.