Vietnam prepares for 2 more refineries

With Vietnam’s first oil refinery having started operations in February, PetroVietnam Corp. is gearing up for its second and third projects in line with a government policy to reduce the country’s reliance on imports. As it sees itself having difficulty procuring funds and a steady supply of crude oil, the company said it is in need of business partners for future projects. As such, PetroVietnam announced it is preparing to draft a basic design and engineering plan for its second oil refinery project in Nghi Son, in the northern province of Thanh Hoa, a joint venture with Japanese companies Idemitsu Kosan Co. and Mitsui Chemicals Inc. and Kuwait Petroleum International Ltd. Its third refinery, for which it has not yet found business partners, will be in the Long Son district of the southern province of Ba Ria-Vung Tau. The two 200,000 barrels per day refineries are slated to be operational in 2013. (March 2, 2009)