Largo Vista, Pertamina sell gasoil to Vietnam

U.S.-based energy company Largo Vista Group Ltd. and its strategic partner, Pertamina Energy Trading Ltd., has sold 30,000 metric tons of gasoil to two Vietnamese companies, Largo Vista said Wednesday.

Largo Vista and Pertamina Energy Trading signed two agreements for the sale of 10,000 tons of gasoil to Vietnam's Military Petroleum Co. and 20,000 tons to Vietnam Air Petrol Co., or Vinapco, it said. The two cargoes were delivered Sunday.

The revenue for the sales is expected to exceed US$6 million.

These are the first transactions the two companies concluded since they entered into a strategic partnership in late March to jointly conduct oil trading business in Vietnam.

According to the partnership agreement, the two companies will divide all net profits equally.

Largo Vista and Pertamina Energy Trading, a wholly owned unit of Pertamina, will soon expand their joint trading operations to include trading of crude oil and liquefied petroleum gas in Vietnam and China.

Deng Shan, chairman of Largo Vista, said the company's LPG operations in China will help Pertamina increase its LPG sales to China.

Largo Vista's energy business largely involves LPG distribution in China and Southeast Asia. (*)