JX Holdings to invest in PetroVietnam projects

JX Holdings Inc., Japan’s biggest oil refiner, will take part in the construction and operation of two Vietnamese refinery projects estimated to be worth around US$9 billion, the Nikkei Business Daily reported. Joining the projects, led by Vietnamese state-run oil firm PetroVietnam, would mark JX’s first overseas refinery venture and enable the firm to tap new sources of revenue, especially with the decline in Japanese oil demand. JX will participate in the US$1.1 billion project to expand Vietnam’s first refinery, the 140,000 barrel per day (bpd) Dung Quat plant, and the construction of the nation’s third refinery, the US$8 billion Long Son plant, the Nikkei said. (July 2, 2010)