Petrolimex to invest US$239 million in refinery project

Petrolimex, Vietnam’s top importer and distributor of oil products, was given government approval to invest VND4.99 trillion (US$239 million) for the construction of the Nam Van Phong petrochemical complex in the central province of Khanh Hoa.
In a directive signed on August 22 by Prime Minister Nguyen Tan Dung, the Hanoi-based company was granted government approval with the stipulation that it would have to use its own funds and loans from commercial banks for the project. Dung also approved the construction of oil product storage facilities by Petrolimex across Vietnam. The expansion would cost VND4.18 trillion (US$200.6 million). The directive outlines Petrolimex’s investment and business projects from 2011-2015.
Last October, Petrolimex announced it was in discussion with South Korea’s Daelim Industrial Co. Ltd. over a joint venture to build the 200,800-barrel-per-day Nam Van Phong refinery, which would be Vietnam’s third refinery, at a cost of around US$4.8 billion. (September 10, 2012)