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Petronas acquires Thang Long LPG
Malaysia's national petroleum corporation, Petroliam Nasional Bhd (Petronas), took full control over Thang Long Liquefied Petroleum Gas Co., Ltd after buying PetroVietnam Gas Corp's share of 28.83 per cent.
The value of the deal was not revealed by either party.
Thang Long LPG, established in 1995, began as a joint venture between Petronas and PetroVietnam Gas Corp. The company has a register charter capital of nearly US$6.2 million, to which Petronas contributed $4.4 million (Equivalent to 71.17 per cent of the total value).
The completion of the acquisition paves the way for Petronas to consolidate its liquefied petroleum gas (LPG) business in Viet Nam which is being led by subsidiary Thang Long LPG and Petronas Viet Nam Co., Ltd (PVL).
As part of the acquisition exercise, the PVL will assume the role of sole agent for sales and distribution of the "Gas Petronas" brand in Viet Nam.
"Gas Petronas" is currently sold and distributed by the PVL in the country's southern region and will soon be introduced in the north as a replacement of the "Thang Long Gas" brand.
Thang Long LPG is the second largest LPG distributor in the north of the country after Petrolimex Gas.
vietnamnews
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