PetroVietnam ready to liquidate Dung Quat Shipyard

PetroVietnam ready to liquidate Dung Quat Shipyard

State-run energy firm PetroVietnam is prepared to liquidate a loss-making shipyard it owns.

In a report filed to the trade ministry in Hanoi, PetroVietnam asked for permission to sell Dung Quat Shipyard. If no buyer can be found, it will pursue a bankruptcy sale.

PetroVietnam took over the shipyard from the debt-ridden shipbuilder Vinashin in 2010.

The shipyard employs more than 1,200 workers but is saddled by debts of more than $460m.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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