PetroVietnam to sell minority stake in first refinery

The state-owned PetroVietnam group will sell up to a 49% stake in Vietnam’s first Dung Quat oil refinery, Chairman Dinh La Thang said. Under the government-approved plan, PetroVietnam will prioritize groups and foreign investors who pledge long-term fuel supply for the refinery, Thang noted. Dung Quat, Vietnam’s first refinery, is designed to refine 6.5 million tons of crude oil into liquefied petroleum gas, propylene, RON90 and RON92 gasoline, kerosene, Jet A1, diesel oil, and fuel oil. The refinery, which will eventually produce 33% of Vietnam’s domestic requirements, is scheduled to go on stream in the first quarter of 2009. (December 31, 2008)