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PetroVietnam’s refinery expansion project receives approval

by ChemOrbis Editorial Team - content@chemorbis.com
  • 23/12/2014 (14:30)
According to media reports, Vietnam’s Prime Minister Nguyen Tan Dung has approved PetroVietnam’s expansion project for the Dung Quat refinery. Through the project, the state-owned company aims to raise the capacity of the refinery to 170,699 barrels of oil per day (b/d) from 130,000 b/d by 2022. The estimated value of the project was reported at around $1.8 billion while the project is expected to be completed in five to seven years.

The refinery is currently operated by Binh Son Refining and Petrochemical, a subsidiary of PetroVietnam. The project comprises the upgrades in areas such as processing capacity, crude oil sources, technology, product quality, environmental standards.

In November, PetroVietnam and Gazpromneft signed an agreement on Gazpromneft’s acquisition of a stake in the Dung Quat refinery and its modernization. However, the two companies have yet to reach a final agreement.
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