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Vietnam to sell 49 percent of Dung Quat oil refinery
State-run Petrovietnam oil and gas group (PVN) plans to sell a 49 percent stake in its Dung Quat oil refinery to three foreign partners.
The information has been confirmed recently by Nguyen Hoang Giang, General Director of Binh Son Refinery Ltd. Co, which is the management unit of Dung Quat oil refinery.
However, Giang told Dow Jones Newswires news agency that concerned parties have not yet reached final deal on the refinery’s asset.
Dow Jones Newswires revealed that the three foreign partners who are expected to buy Quang Quat’s stake are from Venezuela, Japan and the Republic of Korea (RoK).
The PVN’s refinery aims to use money getting from the sale to raise its capacity to 200,000 barrels per day (equivalent to 10 million tonnes) from the current figure of 130,500 barrels (about 6.5 million tonnes).
The expansion project is expected to complete within the next five or six years an estimated investment of US$1.5-2 billion.
At present Dung Quat oil refinery, the first of its kind in Vietnam, can meet one third of the country’s total demand for oil products.
vov
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