[Vnbiz] EIU Vietnam Energy Foreign Firms to Invest in New Refinery

Tue Oct 3 15:18:14 PDT 2006

FROM DIALOG NEWSEDGE

[Vietnam News Briefs]

The Government of Vietnam has selected southern Ba Ria-Vung Tau province as
the location for its third oil refinery and allowed foreign firms to join
the construction, local media said

The new refinery is preferred to be built on Long Son island in the
country's oil hub, about 125 km east off Ho Chi Minh City

The Government Office said foreign investors can wholly or partially invest
in the refinery, VietNamNet online newspaper reported. "Vietnam may also
build this facility alone," it said

Investors can propose other locations for the refinery, either Vung Ro in
Phu Yen Province or Doc Ham in Ninh Thuan province - both in the south of
Vietnam

According to officials from the Ministry of Industry, Long Son used to be
proposed for the first refinery in Vietnam

The government has assigned the Ministry of Planning and Investment to
cooperate with relevant bodies to appraise this third oil refinery

To date, no information about the capacity of the facility is made available

Vietnam is building the Dung Quat oil refinery, costing some $2.5 billion,
in central Quang Ngai province. This facility, which is scheduled for
production in early 2009, can process 6.5 million metric tons of crude oil a
year

The State oil and gas monopoly PetroVietnam, the sole investor of Dung Quat
refinery, is seeking investors from the United States, Russia and Japan for
the second refinery, Nghi Son, in northern Thanh Hoa province. The
$3-billion Nghi Son refinery is slated for operational in 2012 with annual
capacity of 7 million tons

In spite of being the sixth largest crude oil producer in Asia with a
current daily output of 345,000 barrels, Vietnam now has no oil refining
facility

Copyright (c) 2006 The Dialog Corporation.
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