Business

RoK refiner acquire stake in Vietnamese startup VI Automotive Service

GS Caltex Corp, the second largest refiner by sales in the Republic of Korea, said on October 7 that it has signed a deal worth 39 billion VND (1.6 million USD) with Vietnamese startup VI Automotive Service in its first investment in the Southeast Asian country.
Seoul (VNA) – GS Caltex Corp, the second largest refiner by sales inthe Republic of Korea, said on October 7 that it has signed a deal worth 39billion VND (1.6 million USD) with Vietnamese startup VI Automotive Service inits first investment in the Southeast Asian country.

Under the deal reached during a videoconference on October 6, GS Caltex is setto acquire a 16.7 percent stake in the VI Automotive Service as soon asadministrative procedures are wrapped up in Vietnam.

VietWash, a subsidiary of VI Automotive Service,operates about 50 car washes in Vietnam.

GSCaltex also said it plans to sell lubricant products in Vietnam.

GS Caltex is a 50:50 joint venture between GS Energy and Chevron Corp, thesecond-largest US oil producer./.
VNA
#GS Caltex Corp#Vietnamese startup VI Automotive Service#videoconference#VietWash#car washes#GS Energy#Chevron Corp#Vietnam News Agency#Vietnamplus
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