PetroVietnam looking to reduce holdings in two fuel trading units

PetroVietnam, Vietnam’s state-run oil and gas company, announced that it will continue to sell stakes in two of its fuel trading units, PetroVietnam Oil Corp. (PV Oil) and PETEC Trading and Investment Corp. The company is looking to divest itself of 25% of PetroVietnam Oil and 43.78% of PETEC. PV Oil has a current market share of 22% of Vietnam’s oil and gasoline market, a network of 2,000 retail stations in Vietnam and an additional 72 retail stations in Laos. PETEC has a 13% market share of Vietnam’s fuel distribution market. (May 13,2011)