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.
VietWash, a subsidiary of VI Automotive Service, operates about 50 car washes in Vietnam.
GS Caltex is a 50:50 joint venture between GS Energy and Chevron Corp, the second-largest U.S. oil producer.