Total to buy ExxonMobil Vietnam

The world's fifth largest oil and gas company, Total, will buy ExxonMobil’s Vietnam-based lubricants and specialties business, it was announced October 1. 

Total’s plant in the northern city of Hai Phong, Vietnam (Photo: Courtesy of Total)
Through the deal, all businesses owned by ExxonMobil in Vietnam, including a lubricants blending facility in the southern province of Dong Nai  and a lubricants distributor network, will be taken over by Total.
 
Total said the deal will significantly increase its market share and hold a leading position in the lubricants business in Vietnam.
 
The agreement is subject to approval from relevant authorities and will be completed within three to four months, a Total spokesperson said.
 
Total has been present in Vietnam since the late-1980s through exploration and production activities, Liquefied Petroleum Gas (LPG), lubricants and retail.
 
Total Refining and Marketing in Vietnam employs more than 400 people in seven subsidiaries.
 
Through its subsidiary Total Lubricants Vietnam, Total manufactures and distributes a comprehensive range of automotive and industrial lubricants throughout the country.
 
ExxonMobil and Mobil was officially launched in Vietnam in 1994 with representative offices in Hanoi and Ho Chi Minh City. Four years later, the company took a 50 percent stake in Vietnam JV of Mitsui (Japan) and Unique Gas (Thailand).

By Truong Son

Other news