PetroVietnam call on partners for Vietnam’s first oil refinery

PetroVietnam is scouting for partners willing to buy a 49% stake in Vietnam’s first oil refinery in Dung Quat. The company wants to mobilize around US$1.16 billion for the expansion of the plant’s capacity to 8.5 million tons of crude oil per annum starting in 2016 or 2017. In 2011, the refinery was shut down for two months as it underwent maintenance service, but was still able to provide 5.43 million tons of products to the market, 7% more than the target production for the year. Last year, the refinery had revenues reaching VND110 trillion (US$5.26 billion), and paid the government VND14.2 trillion (US$682.3 million) in taxes. It is expected to supply 6 million tons of products to the Vietnamese market this year. (January 17, 2012)