HANOI, Oct. 17 (Xinhua) -- Leading global financial organization Morgan Stanley will acquire 10-percent stake in PetroVietnam Finance Corporation (PVFC), an affiliate of Vietnam National Oil and Gas Group (PetroVietnam), local newspaper Vietnam News reported Wednesday.
Under an agreement signed by the Vietnamese group and
the global financial advisor on Tuesday, Morgan Stanley will assist PetroVietnam
to raise capital from regional and international markets, and access advanced
management skills. The deal marked a milestone for PetroVietnam to revitalize
its expansion plans to the fields of finance, insurance and securities.
According to another agreement also inked by
PetroVietnam and Vietnam's Hanoi Securities Trading Center on Tuesday, the
center will help the state-run group equitize its subsidiaries and capitalize
money from the local stock market more effectively. PVFC will auction its shares
at the center on Oct. 19.
PetroVietnam plans to exploit 19-20 million tons of
crude oil and 10-12 billion cubic meters of gas, and make revenues of 20 billion
U.S. dollars in 2015.
