(Chinhphu.vn) – Deputy Prime Minister Vu Van Ninh has agreed a plan to issue more stakes and increase the charter capital of the Vietnam National Petroleum Group (Petrolimex).

The Ministry of Industry and Trade (MoIT) said as part of the Group’s restructuring process in order to increase Petrolimex’s charter capital to VND13.5 trillion (US$604.7 million) and reduce the State’s ownership proportion at the Group to fewer than 75 per cent of charter capital, the ministry has approved a plan to issue more ownership to Petrolimex’s foreign strategic shareholders.

Also, the Deputy PM reminded MoIT to revise regulations which remain inappropriate to ensure that foreign strategic partners will work with Petrolimex on long-term investment in Nam Van Phong Oil Refinery Plant, in line with the Government’s commitment to foreign investors in the Nghi Son Oil Refinery Plant; instructed Petrolimex to calculate the actual demand for charter capital, estimate the issue, and negotiate with partners to ensure the feasibility of the share issue, optimal price and maximum interest for existing shareholders (including State shareholders).