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M&A: Gazprom, PetroVietnam discuss acquisition of stake in Dung Quat oil refinery

Alexey Miller, Chairman of the Gazprom Management Committee and Nguyen Xuan Son, Chairman of the PetroVietnam National Oil and Gas Group Board of Directors, discussed the bilateral cooperation in the gas sector. In particular, they addressed the progress with talks on buying a stake in the Dung Quat oil refinery and its subsequent upgrade, as well as the arrangement of oil supplies to the said refinery, Gazprom informed.

Dung Quat, Vietnam's only oil refinery, has an output of 6.5 million tons per year and consumes some 85% of domestically produced oil and 15% of oil exported from the Middle East.

Alexey Miller and Nguyen Xuan Son also praised the joint gas production from Moc Tinh and Hai Thach located on the Vietnamese shelf and noted that the fields would reach their full capacity in 2016.

The focus was also placed on the issues of the NGV market development in Vietnam and on the prospects for the interaction in electric power generation.

JSC Gazprom (tax number: 7736050003) is the world's biggest gas company. Its authorized capital is RUB 118.367 billion represented by 23,673,512,900 common shares at par value of 5 rubles. The Russian Federation is Gazprom's controlling shareholder. In 2013, Gazprom increased gas production by 400 million cubic meters to 487.4 bcm.

IFRS net profit of Gazprom for 2013 attributable to the company's shareholders decreased by 7% to RUB 1.139 trillion from RUB 1.224 trillion the year before. Sales revenue grew by 10.1% to RUB 5.249 trillion from RUB 4.767 trillion the year before.

According to the DataCapital information retrieval system, RAS net profit of Gazprom for 2013 went up 12% to RUB 628.311 billion. Revenue increased by 7.5% to RUB 3.933 trillion from RUB 3.659 billion, revenue from gas sales to RUB 2.917 billion from RUB 2.799 billion, sales profit to RUB 962 billion from RUB 993 billion.

RAS net profit of JSC Gazprom for H1 2014 fell by 38% to RUB 154.989 billion from RUB 250.144 billion for the same period in 2013. Revenue increased by 9.9% to RUB 2.112 trillion from RUB 1.921 trillion, gas sales revenue by 9.6% to RUB 1.569 trillion from RUB 1.432 trillion.

"AK&M", 05.09.2014


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