Avagor, Hapaco awaits approval of new oil refinery in Vietnam

Germany’s Avagor GMBH and Vietnam’s Hapaco Group are waiting for approval of a new US$1.8 billion oil refinery to be built at a 50 hectare site in the Nam Dinh Vu Industrial Park in the northern port city of Haiphong. A feasibility study has been submitted to the city authority for approval. Hapaco will contribute 20% of the investment cost. The proposed oil refinery will have an annual capacity of 5 million tons of crude oil. Currently, Vietnam has only one oil refinery. It is expected to add six or seven oil refineries by 2025, which will bring the country’s total annual refining capacity to 45 to 60 million tons. (July 14, 2011)