Petrolimex to focus on core industries

Vietnam National Petroleum Corp. (Petrolimex), which has more than 50% share of the domestic oil retail market, said it will focus on core projects and stop investing in non-core projects beginning in 2013. At present, the company has invested in such non-core businesses as property, insurance, finance and transport. In line with this new company philosophy, Petrolimex will invest approximately US$4.4 billion in constructing a new oil refinery complex in the province of Khanh Hoa. The new refinery will be able to process 10 tons of crude oil annually. When it goes online in 2013, the new refinery will produce LPG, high octane unleaded gasoline, diesel fuel, polypropylene and benzene. (July 12-13, 2011)