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PVN opens up to Japanese
PetroVietnam and the Japan External Trade Organisation (JETRO) yesterday organised a conference introducing Japanese businesses investment oppor-tunities in PetroVietnam's projects, as well as equity opportunities with PetroVietnam's affiliates.
The conference drew representatives of around 130 Japanese companies, including Mitsui Oil Exploration, JX Nippoin Oil&Energy Corp, JBIC, SMBC, Bank of Tokyo, Mizuho Corporate Bank, Mitsubishi Heavy Industries, Mitsubishi Construction and Mitsui Engineering and Shipbuilding.
"2012 is a challenging year for Viet Nam. The country has set a GDP growth target of around 6 per cent this year and to meet this target, we need more and more investments," said Do Van Hau, PetroVietnam's President and CEO.
Hau said PetroVietnam was carrying out many big projects in both domestic and overseas markets and the group expected to call for investment from Japanese enterprises, with whom Viet Nam and PetroVietnam had close co-operation.
PetroVietnam is Viet Nam's leading economic organisation with assets worth a total of about US$25 billion and profits reaching $4.5-5 billion per year.
The group is under a restructuring process, and plans to narrow its focus on five main activities: oil and gas exploration and production; refining and petrochemicals; professional and technical services; gas production; and power generation.
"Total capital investment needed for the group's work in these areas may reach $40 billion," said PetroVietnam's vice president Nguyen Tien Dung.
At the conference, PetroVietnam introduced several important projects that need investment, including an LNG (Liquefied Natural Gas) storage facility that can hold 1 million tonnes per year in the Thi Vai LPG warehouse, PetroVietnam Petrochemical & Textile Fiber (PVTex) project, Vung Ang 1 coal-fired power plant, Hua Na hydropower plant, Nhon Trach 1 thermal power plant, and Phuoc An Port and Dung Quat Shipyard projects.
Equity ownership offered in these projects ranges from 20-49 per cent.
Dung said PetroVietnam committed to work with the Vietnamese Government to help foreign partners tackle difficulties that arise during the implementation of projects. He noted the group has asked the Government to solve the issues of foreign currency trading, guarantee and product consumption for the Nghi Son refinery and petrochemical project.
In line with its plan of divesting capital from non-core business, PetroVietnam also presented investment opportunities in petroleum stocks in its subsidiary companies listed on the stock market.
Launch of PVN-Index
On the same day, PetroVietnam also officially launched the PVN-Index, the first ever sector index in Viet Nam.
The PVN-Index measures the business performance of 32 listed companies under PetroVietnam, which together make up 14.3 per cent of total capitalisation of Viet Nam's stock market.
The index includes three main groups, including representative indices, a tradable or investable index (PVN10) and a sector index.
The representative indexes contain all companies that have listed shares on the HCM City Stock Exchange, Ha Noi Stock Exchange and the UPCoM (Unlisted Public Company Market). Meanwhile, the PVN10 comprises of the 10 biggest shares in the petroleum industry, adjusted by number of freely traded shares (free-float market capitalisation) and liquidity.
The sector index includes six sectors: PVN Basic Materials, PVN Consumer Services, PVN Financials, PVN Industrials, PVN Oil and Gas and PVN Utilities.
The PVN-Index, developed in accordance with the international ICB (Industry Classification Benchmark) standard, is calculated based on share prices and total return methods. The index family is available in four currencies including US dollar, euro, Japanese yen and Vietnamese dong.
According to PetroVietnam, the new group of indexes aims to help investors to access information on PetroVietnam's listed companies more effectively and will support work to enhance transparency in business activities.
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