Vietnam oil refinery seeks foreign investors

The Vietnam Oil and Gas Group (PetroVietnam) has asked the government for permission to sell a portion of Dung Quat Oil Refinery stocks to foreign partners, said PetroVietnam Chairman Dinh La Thang. “PetroVietnam plans to propose the maximum ratio of stocks to Binh Son Petrol Chemical Company, equivalent to 49% that foreign investors can hold in their hands”, said PetroVietnam Deputy General Director Nguyen Ngoc Su. Binh Son Petrol Chemical Company, established in late April, was tasked to manage and run the Dung Quat Oil Refinery. Dung Quat is seeking a partner with the ability to supply crude oil over an extended period of time. The Dung Quat Oil Refinery is being built in the Dung Quat Economic Zone in the central province of Quang Ngai and is to undergo a test run of its power supply networks by the end of this year. The US$2.5 billion refinery is planned to start operations in February 2009 and is expected to reach its design capacity of 6.5 million tons per year by the end of the second quarter. (September 1/11, 2008)