PetroVietnam looks to foreign investors for refinery expansion

Vietnam Oil and Gas Group (PetroVietnam), the state-run oil company, is looking for foreign investors so it can move forward with the proposed expansion of the country’s first oil refinery at Dung Quat.  The company is looking for investors to buy a 49% stake in the Dung Quat refinery, so as to boost capacity from 6.5 million tons to 10 million tons of crude oil. PetroVietnam also expects to increase the capacity of the Phu My condensate plant to 76,000 cubic meters, from 31,000 cubic meters.  Chairman Dinh La Thang said that Petrovietnam will produce 2.65 million tons of petroleum products in the second half of 2011.  In 2010, PetroVietnam produced 6.177 million tons of petroleum products. (June 16, 2011)