Vietnam allocates $6 billion for second refinery

The Vietnam Oil and Gas Group (PetroVietnam) has allocated US$6 billion to construct a second refinery and petrochemical complex with a capacity of 170,000 barrels per day in Tinh Gia District of Thanh Hoa province, in the North Central coast of Vietnam. PetroVietnam will contribute between US$1.8-2 billion or 30% of the combined capital needed to build the complex, Dinh La Thang, chairman of PetroVietnam’s Board said. Construction of Vietnam ‘s second refinery after Dung Quat is due to begin next year and completion is expected by 2013. (October 19, 2007)