PLC to expand Nha Be plant

Vietnam’s leading lubricant manufacturer, Petrochemical Company (PLC), a subsidiary of Vietnam National Petroleum Corporation (Petrolimex) announced in June that it will issue 10 million shares worth VND100 billion (US$6.2 million) on the Hanoi bourse in July. According to General Director Tran Van Duc, the company’s charter capital will increase to VND250 billion (US$15.5 million), which will be used in the first phase of its investment plan to improve its financial standing, infrastructure and technology. In the second phase, the company will spend VND48 billion (US$2.9 million) to expand the Nha Be lubricant factory, which is being jointly developed with its sister company Petrolimex Gas. Duc said the company plans to double its charter capital to VND500 billion (US$31 million) over the next few years. (June 23, 2007)