PETRONAS AND PETROVIETNAM REACH AGREEMENT FOR PHU MY PLASTICS’ SHARES TRANSFER

PETRONAS and PETROVIETNAM have reached an agreement for the transfer of PETROVIETNAM’s 43 per cent stake in Phu My Plastics and Chemicals (PMPC) to PETRONAS International Corporation Ltd (PICL), a wholly owned international investment subsidiary of PETRONAS.Concurrently, PETRONAS has also commenced the necessary process to transfer its entire 50 per cent interest in PMPC to PICL. Once this is finalised, PICL will own 93 per cent interest in PMPC, while the remaining seven per cent stake is owned by Vung Tau Shipyard Company.

The parties are now in the final stage of formalising the necessary documents for submission to the Vietnamese authorities for approval.

PMPC is a company incorporated in Vietnam which owns and operates a 100,000 metric tonnes per annum polyvinyl chloride (PVC) plant in the Ba Ria Vung Tau province, within the Phu My Industrial Zone, about 85km southeast of Ho Chi Minh City. PMPC markets its PVC both in Vietnam as well as overseas.Issued by
Media Relations Department

Jun 18, 2007OffshoreMan

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