Japanese company buys stakes in Vietnamese gas firm
Saibu Gas of Japan reached an agreement to obtain a 21-percent stake in the PetroVietnam Low Pressure Gas Distribution JSC (PVGD) – a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam).
Saibu Gas's gas storage. (Source: global.kawasaki.com)
Hanoi (VNA) – Saibu Gas of Japan reached anagreement to obtain a 21-percent stake in the PetroVietnam Low Pressure Gas Distribution JSC (PVGD) – a subsidiary of the Vietnam Oil and GasGroup (PetroVietnam).
The purchase’s value is not disclosedbut is estimated at dozen of millions of USD.
Saibu Gas said on December 24 that this is the first time it has pouredinvestment into a foreign market.
As planned, the transfer of shares will be completed in the period from Januaryto February 2020.
PVGD is a group specialized in supplying gas through pipe systems forindustrial parks in Hanoi and Ho Chi Minh City. Its’ revenue in December 2018reached 8.14 trillion VND (nearly 352 million USD).
In 2017, Tokyo Gas, also of Japan, bought 24.9 percent of the PVGD’s shares. Japanesefirms’ investment in PVGD is hoped to help the Vietnamese enterprise increaseits number of industrial customers in the near future.
Saibu Gas, based in Fukuoka Prefecture, supplies fuel to the northern region ofKyushu Island, Japan./.
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Saibu Gas's gas storage. (Source: global.kawasaki.com) 
