PVFC eyes Singapore listing

Petrovietnam Finance Joint Stock Corp. (PVFC), formerly known as PetroVietnam Finance Co., will list shares on the Singapore Stock Exchange once it takes its listing overseas sometime in 2009, the company announced. “We have finalized our review of the stock market and have concluded that Singapore is a good destination for us,” the company’s General Director Tong Quoc Truong said. PetroVietnam Finance, which provides credit services to oil and gas corporations, its subsidiaries and other institutions in Vietnam, has targeted making the offshore listing before the end of 2009. “Although it will take a long time to finalize every step of this plan, we are attempting to carry it out as soon as possible,” said Truong. The company, the financial arm and a subsidiary of Vietnam Oil and Gas Corporation (PetroVietnam), has also announced its targets for 2009, including revenues of five trillion dong (US$286.78 million) and a profit of one trillion dong (US$57.36 million). (February 7, 2009)