Vietnam’s Bitexco to buy stake in oil and gas Block 12W
Bitexco Group’s Bitexco Energy Ltd. has struck a deal to acquire the entire stake of Ophir Vietnam in the Block 12W oil and gas exploitation contract, offshore southern Vietnam.
Ophir Vietnam Block 12W B.V is a company incorporated in the Netherlands that holds a 31.875% interest in the contract to exploit Block 12W in Nam Con Son Basin.
The stake purchase agreement was signed Monday in Vietnam with Ophir Jaguar 2 Ltd., a wholly-owned subsidiary of Indonesian oil and gas company PT Medco Energi Internasional Tbk.
Representatives of Bitexco Energy and Ophir Jaguar 2 at the signing ceremony on December 19, 2022. Photo courtesy of Bitexco.
The acquisition is set for completion in the first half of 2023 following necessary regulatory approvals from Vietnamese authorities.
Ho Chi Minh City-headquartered conglomerate Bitexco Group’s ecosystem includes real estate, infrastructure development, financial investment, hospitality, renewable energy, oil and gas, telecommunications, and mineral water production.
- Related News
- Read More
Ho Chi Minh City powers up as industrial giant post-merger
Vietnam’s southern economic engine Ho Chi Minh City is shifting into high gear, fueled by a landmark merger with neighboring industrial hubs Binh Duong and Ba Ria-Vung Tau.
Companies - Thu, July 24, 2025 | 2:04 pm GMT+7
Malaysia announces cash aid, fuel price cut amid inflation
Malaysian Prime Minister Anwar Ibrahim on Wednesday announced new measures to address growing public concern about the rising cost of living, including a cash handout for all adult citizens and a promise to lower fuel prices.
Southeast Asia - Thu, July 24, 2025 | 1:44 pm GMT+7
Postal and delivery services: high revenue, slim profit
The presence of both international and domestic players is energizing the postal and delivery services market, yet fierce price competition continues to narrow profit margins, testing corporate endurance.
Companies - Thu, July 24, 2025 | 1:42 pm GMT+7
Ca Na LNG-fueled power project in central Vietnam draws only one bid
A consortium comprising multi-sector corporation Trungnam Group and Sideros River has been the sole bidder to date for the 1,500 MW Ca Na LNG-to-power project in Vietnam’s south-central province of Khanh Hoa, according to local authorities.
Investing - Thu, July 24, 2025 | 1:21 pm GMT+7
Techcombank, Vingroup okayed to form life insurance firm
Techcombank, a major private lender in Vietnam, said it has secured a license from the Ministry of Finance to set up a life insurance firm, with itself and leading conglomerate Vingroup as major shareholders.
Finance - Thu, July 24, 2025 | 11:04 am GMT+7
Vietnam's logistics major Gemadept completes 70% of 2025 profit plan after 6 months
Gemadept Corporation, a leading port and logistics company in Vietnam, had completed 70% of the year's profit target set by its AGM after six months.
Companies - Thu, July 24, 2025 | 8:53 am GMT+7
Danish Ambassador, Carlsberg Vietnam's meeting with Hue city's administration reflects long-term partnership commitments
The recent visits by Danish Ambassador Nicolai Prytz and Carlsberg Vietnam leadership to the Hue city People's Committee reaffirm their commitment to long-term partnership and sustainable development.
Companies - Thu, July 24, 2025 | 8:00 am GMT+7
Vietnam’s digital asset market attracts major players
Domestic securities firms, investment funds, and prominent technology companies both in and outside Vietnam are actively positioning themselves to tap into the country’s growing digital asset and cryptocurrency market.
Finance - Wed, July 23, 2025 | 11:55 pm GMT+7
Vietnam's Deputy PM pledges support for German group's vocational projects
Deputy Prime Minister Nguyen Chi Dung welcomed German-based Avestos Group's interest in promoting investment and business cooperation in Vietnam, emphasizing the continued positive development of the Vietnam-Germany Strategic Partnership across all sectors.
Companies - Wed, July 23, 2025 | 11:48 pm GMT+7
SP Group partners with Hoa Sen Group for Vietnam’s first industrial cooling-as-a-service offering
SP Group (SP) recently announced a partnership with Hoa Sen Group, one of Southeast Asia’s leading steel manufacturers, to introduce Vietnam’s first Industrial Cooling-as-a-Service (CaaS) offering.
Companies - Wed, July 23, 2025 | 11:42 pm GMT+7
'Green' products more costly than traditional ones: exec
Products manufactured using eco-friendly processes are often more expensive than traditional ones, posing a major challenge for businesses transitioning to green production, said Nguyen Bich Dien, deputy general director of Fashion Link JSC (Faslink).
Companies - Wed, July 23, 2025 | 11:35 pm GMT+7
US agrees to reduce tariffs for Philippines
U.S. President Donald Trump on Tuesday, July 22 agreed to reduce tariffs on the Philippines by one percentage point, after what he termed a successful meeting with his Philippine counterpart Ferdinand Marcos.
Southeast Asia - Wed, July 23, 2025 | 11:18 pm GMT+7
White House releases US-Indonesia trade deal framework
The U.S. and Indonesia have agreed to a framework for negotiating an Agreement on Reciprocal Trade to strengthen the bilateral economic relationship, which will provide both countries’ exporters unprecedented access to each other’s markets, the White House stated in a joint statement on July 23 (Vietnam time).
Southeast Asia - Wed, July 23, 2025 | 11:15 pm GMT+7
Vietnam's Ministry of Finance proposes 20% tax on capital gains from securities, equity transfers
The Ministry of Finance has proposed a significant change to the personal income tax regime applied to capital gains from securities and equity transactions, shifting from the current flat-rate method to taxing actual profits.
Finance - Wed, July 23, 2025 | 11:04 pm GMT+7
Binh Minh Plastics reports all-time high profit in Q2
Improved sales revenue and a higher gross profit margin of 47% helped Binh Minh Plastics JSC, a leading plastics company in Vietnam, post a record after-tax profit of nearly VND330 billion ($12.62 million) in Q2/2025.
Companies - Wed, July 23, 2025 | 10:44 pm GMT+7
Obstacles for renewables projects must be removed before July 25: Vietnam PM
Prime Minister Pham Minh Chinh has requested ministries, local administrations, and state-owned Vietnam Electricity (EVN) to remove obstacles for wind and solar power projects before July 25.
Energy - Wed, July 23, 2025 | 6:34 pm GMT+7
