Petronas Dagangan finds new buyer for LPG unit in Vietnam

Petroliam Nasional Bhd (Petronas) generic photo. Petronas flag blowing in the wind next to the Malaysian and Federal Territories flags at a Petronas station in Kuala Lumpur, seen in July 2015. (Pic taken by Hafidz Mahpar for Star Online.)

KUALA LUMPUR: Petronas Dagangan Bhd (PetDag), whose deal to sell its Vietnam-based unit Thang Long LPG Company Ltd to Totalgaz Vietnam LLC fell through in January this year, has sold the liquefied petroleum gas bottler and jetty owner to another party, Noi Thuong Bac Joint Stock Co.

In a filing with Bursa Malaysia, PetDag said the divestment was in line with its portfolio rationalisation.

The company did not disclose the value of the sale.

Petronas teamed up with the Vietnam Gas Co, a subsidiary of the state-run oil company PetroVietnam, to form Thang Long LPG at the end of 1995. Thang Long LPG was omne of the six downstream companies bought by PetDag from parent Petronas in 2012 for about RM197mil as part of its plan to expand in the region.

PetDag has since sold one of its Vietnam-based units, LPG processor and distributor Petronas (Vietnam) Co Ltd (PVL), to Totalgaz Vietnam. However, Totalgaz cancelled the proposed purchase of Thang Long LPG in January (the PetDag announcement did not give the reason for the termination).

PetDag is currently also in the midst of exiting its LPG business in the Philippines. As announced last month, it is divesting its 100% interest in Petronas Philippines Energy Inc and 40% interest in Duta Inc to Phoenix Petroleum Philippines Inc.