The Japanese company Tokyo Gas has acquired a 24.9% stake in PetroVietnam Low Pressure Gas Distribution (PVGasD) through its subsidiary Tokyo Gas Asia. The transaction amount has not been disclosed but several estimations report that the stake could be worth Y5.4bn (US$49m) based on recent share prices.
PVGasD was established back in 2007 as an affiliate of the Vietnamese oil and gas national company PetroVietnam Gas JSC. Its activities include in particular pipeline network development and compressed natural gas supply. The new shareholding scheme in PVGasD after the transaction is as follows: 24.9% Tokyo Gas Asia, 50.5% PV Gas and 24.6% others.
In recent years, Tokyo Gas accelerated the overseas development of its engineering and energy services businesses, in particular in Malaysia and Vietnam. The company intends to develop its natural gas-fired thermal power generation and gas supply business units on a global scale to secure stable revenues and further the establishment of a global LNG value chain.