PetroVietnam to sell refinery stake

The state-owned oil monopoly PetroVietnam group will sell up to a 49% stake of Vietnam’s first Dung Quat oil refinery, said Chairman Dinh La Thang. Under the government-passed plan, PetroVietnam will prioritize groups and foreign investors who pledge long-term fuel supply for the refinery, Thang added. Dung Quat 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 which are expected to meet 33% of local demands. (December 31, 2008)