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Vietnam state oil retailer tweaks search plans for foreign strategic partner

Amid market slump, PV Oil compromises on 45% divestment plan

PetroVietnam Oil operates 540 filling stations in the country, with another 3,000 locations run by agents.

HO CHI MINH CITY -- A petrol station operator under state-owned Vietnam National Oil and Gas Group has abandoned its search for a strategic foreign investor and will likely turn instead to multiple buyers in a proposed 45% stake sale.

With the domestic stock market slumping, PetroVietnam Oil has presented its parent company with a revised divestment plan to raise at least $300 million, according to Cao Hoai Duong, a general director at the gas station operator, which is known as PV Oil.

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