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GS Caltex to acquire stake in Vietnamese startup VI Automotive Service

All News 11:05 October 07, 2020

SEOUL, Oct. 7 (Yonhap) -- GS Caltex Corp., South Korea's second-largest refiner by sales, said Wednesday that it has signed a deal worth 39 billion Vietnamese dong (US$1.6 million) with Vietnamese startup VI Automotive Service in its first investment in the emerging country.

Under the deal signed in a videoconference Tuesday, GS Caltex is set to acquire a 16.7 percent stake in VI Automotive Service as soon as administrative procedures are wrapped up in Vietnam.

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

GS Caltex also said it plans to sell lubricant products in the Southeast Asian country.

GS Caltex is a 50:50 joint venture between GS Energy and Chevron Corp, the second-largest U.S. oil producer.

entropy@yna.co.kr
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