Monday, 3 March 2014

Petronas pulling out of Vietnam

The number of international energy firms pulling out of Vietnam continues to rise. Malaysia’s Petronas is the latest energy giant rumoured to be preparing to sell its stakes in five offshore oilfields for around $300m.

Bank of America Merrill Lynch has been appointed to find buyers for the stakes.

Earlier this week Chevron announced it was pulling out of a joint venture with PetroVietnam, while other energy firms have reported disappointing exploration results in recent months.

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