Saturday, October 20, 2007

Vietnam's PVN oil and gas group does deal with morgan Stanley

Oil and gas group inks deal with US investment bank

VNECONOMY updated: 17/10/2007

The Viet Nam Oil and Gas group (PVN) and the US investment bank Morgan Stanley signed a cooperation deal in Ha Noi on October 16.

The US bank is expected to hold a 10 percent stake in the PVN’s Finance Company (PVFC), which will make its initial public offering soon.

The bank will also help PVN draw capital from the regional and global financial markets and improve its financial and banking management skills.

The same day, the oil and gas group inked an agreement with the Ha Noi Securities Trading Centre (HaSTC).

As agreed, HaSTC will provide its partner with procedures and regulations relating to share auctions, share and corporation bond listings, as well as help PVN seek partners and list its shares on international bourses.