PetroVietnam to begin construction of Nghi Son oil refinery

PetroVietnam said it expects to begin construction of the new oil refinery at Nghi Son by the third quarter. PetroVietnam owns a 25.1% stake in the new refinery. Negotiations are underway to sign engineering, procurement and construction contractors for the project. The new refinery is expected to be completed by 2014 and will be Vietnam’s second oil refinery. In addition to PetroVietnam, Kuwait Petroleum International holds a 35.1% stake in the refinery, in conjunction with Idemitsu Kosan with 35.1% and Mitsui Chemicals with 4.7% stake. Initially, the refinery will have a production capacity of 10 million tons of crude oil annually. (July 13, 2011)