GS Caltex signs $1.6 million deal with VI Automotive Service

GS Caltex, Korea's second-largest refiner by sales, said Wednesday that it has signed a deal worth 39 billion Vietnamese dong ($1.6 million) with Vietnamese start-up 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, the second-largest U.S. oil producer.

Yonhap