PetroVietnam ready to sign EPC contract for new refinery

Vietnam Oil and Gas Group (PetroVietnam), which holds a 25.1% stake in the soon-to-be constructed Nghi Son oil refinery is expected to sign an engineering, procurement and construction contract (EPC) in the near future. The new refinery, which is expected to cost US$7 billion and have a design capacity of 10 million tons of crude oil, will be Vietnam’s second refinery. The only current refinery in the country is Dung Quat located in the central province of Quang Ngai. PetroVietnam is in discussion with JGC Corp., Chiyoda Corp., and Technip SA of France, SK Engineering and GS Engineering of Korea. Vietnam is expected to construct six additional oil refineries to bring the country to a refining capacity of up to 60 million tons of crude oil per year by 2025. (July 21, 2011)