Hanoi (VNA) – The Vietnam National Petroleum Group(Petrolimex) signed an agreement with the Binh Son Refinery and PetrochemicalCo Ltd (BSR) on August 10 on cooperation in boosting sales of petrol productsproduced by Dung Quat Refinery.

In the deal, Petrolimex and BSR noted their wish to become each other’sstrategic shareholders through Petrolimex’s purchase of BSR shares after BSRconducts equitisation and completes the Initial Public Offering (IPO).

Petrolimex will give top priority to the sales of petrol, LPG and otherpetrochemical products made by Dung Quat refinery, which is operated by BSR.

The two sides will collaborate to export Dung Quat’s products to Laosand Cambodia.

They will also consider possibilities of cooperation in the fields ofinsurance and transport.

Addressing the signing ceremony, BSR Director General Tran Ngoc Nguyensaid the company aims to make the IPO at the end of this year.

During more than 7 years in operation, BSR has produced and sold morethan 47.2 million tonnes of products, meeting 40 percent of the domestic petroldemand. The company grossed total revenues of over 36 billion USD and paid over7 billion USD to the State coffer, more than double the investment in therefinery.

Meanwhile, Petrolimex is holding the largest share of the domesticpetrol market.-VNA