HANOI, June 2 (Xinhua) -- Vietnam's biggest oil refinery, Dung Quat, in central Quang Ngai province, has been priced at over 3.2 billion U.S. dollars, and will make an Initial Public Offering (IPO) in the fourth quarter of this year.
Binh Son Refining and Petrochemical Company under state-owned oil and gas giant PetroVietnam, which manages and runs the refinery, has been valued at nearly 72,880 billion Vietnamese dong (over 3.2 billion U.S. dollars), according to the Vietnamese Ministry of Industry and Trade on Friday.
Some 5-6 percent of Binh Son's shares will be offered at the IPO, and the remainders will be sold to investors, including strategic ones. Its pre-tax profits stood at 5,000 billion Vietnamese dong (221 million U.S. dollars) last year.
Since it became operational fully in 2011, Dung Quat, whose total investment was 3 billion U.S. dollars, has produced 47 million tons of products, mainly liquefied petroleum gas, petroleum, diesel oil and jet fuel, and made total revenues of nearly 40 billion U.S. dollars.
Vietnam imported nearly 5 million tons of petroleum products worth over 2.6 billion U.S. dollars in the first five months of this year, down 6.8 percent in volume but up 27.4 percent in value against the same period last year, said the country's General Statistics Office.
