PetroVietnam Submits Bid to Acquire ConocoPhillips Assets

Source: Bloomberg 10/12/2011, Location: Asia

Vietnam Oil & Gas Group, known as PetroVietnam, said it submitted a bid this week to buy all of ConocoPhillips (COP)’s energy assets in Vietnam to boost production.

“It would be very good if we can have the assets, but we will not buy them at any cost,” Nguyen Tien Dung, deputy chief executive of the state-owned company, said in an interview from Hanoi yesterday, declining to disclose the size of the bid.

John Roper, a ConocoPhillips spokesman, said in an e-mail that it’s the company’s policy “to not provide any comments during the bidding process.”

ConocoPhillips, the third-largest U.S. oil company, said last month its asset sales may expand to as much as $10 billion in 2012 from about $4 billion this year as it seeks to fund share buybacks and future growth. The company plans to sell its stake in three oil and natural gas assets off Vietnam’s coast as part of the divestiture program.

PetroVietnam will borrow from domestic and international banks to fund part of the purchase should it win the bid, Dung said. The assets are valued at about $1.5 billion, Paul Sankey, a Deutsche Bank AG analyst, said in an April 27 note to clients.

The company will finance the purchase with this year’s earnings that may reach 55 trillion dong ($2.6 billion), Vietnam News Agency reported.


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