PetroVietnam to sign agreement for $8 billion refinery

State-run Vietnam Oil and Gas Group, or PetroVietnam, and other partners will sign an agreement in September to build an US$8 billion oil refinery in the southern part of Vietnam. The company said it will complete negotiations with its partners soon, without identifying them. The refinery is expected to be built in Long Son commune in Ba Ria Vung Tau province, 100 kilometers east of Ho Chi Minh City. The plant will have a capacity to process 10 million metric tons of crude oil a year, or 200,800 barrels a day. The refinery is scheduled to become operational from 2014. It will use crude oil imported from Venezuela, and will produce liquefied petroleum gas, unleaded gasoline, kerosene, jet fuel and diesel fuel. (June 23, 2009)