Petrolimex Nodded to Build US$4.5 Bln Oil Refinery in Central Vietnam

Vietnam National Petroleum Corp (Petrolimex) has recently received approval from central Khanh Hoa province to build a US$4.5-billion oil refinery in the locality, said CEO Vu Ngoc Hai.

 

The plant will have a capacity of refining 10 million tons of crude oil per annum, the Labor newspaper quoted Hai as saying.

 

Petrolimex initially planned to locate the refinery in Ninh Phuoc commune, Ninh Hoa district but now is seeking the provincial approval for a new location more sui for the project&rsquos scale, the official said.

 

The corporation has chosen Sinopec of China as a partner to carry out the project and the two sides have discussed setup of a joint venture as well as stake equity to be owned by each party.

 

They int to import crude oil from the Middle East or Singapore to feed the plant.

 

Petrolimex now holds 60 per cent of Vietnam&rsquos petroleum trading market share.

 

The corporation is cooperating with PB Tankers Ltd of Singapore ands Petrolimex Insurance Joint Stock Company to build Vietnam&rsquos first petroleum bonded warehouse in central Khanh Hoa province with a storage capacity of one million cubic meters and a total investment of US$170 million. (Labor)