(PTI)
State-owned Indian Oil Corp (IOC) has bid for a stake in Vietnam’s Binh Son Refining and Petrochemical Company as it looks at the South Eastern nation to expand business beyond Indian shores. IOC is among the at least four companies that have evinced interest in becoming strategic partner in Binh Son Refining and Petrochemical Company (BSR) by taking 49 per cent stake, official sources said.
Indonesian state-owned oil firm Pertamina, Vietnam’s biggest petrol dealer Petrolimex and Thailand’s Bangchak Corporation Public Company Ltd are the other firms which have put in an expression of interest (EoI).Vitol of Switzerland and Spain’s Repsol too had initially shown interest in taking a stake in the company but it was not clear if they put in an EoI at expiry of the deadline last month.Binh Son Refining and Petrochemical Company owns and operates Vietnam’s first oil refinery, Dung Quat Refinery (DQR). It has a capacity of 6.5 million tonnes a year, meeting over 30 per cent of Vietnam’s demand for gasoline and oil.
