Dung Quat Oil Refinery seeks foreign investors

The owner of Dung Quat Oil Refinery Plant is currently in the process of negotiating with foreign oil companies to sell 49 per cent stake of the first oil refinery plant of the country.

Dung Quat Oil Refinery Plant in the central province of Quang Ngai

Japan’s JX Nippon, Venezuela’s Petróleos de Venezuela SA, and South Korea’s SK Companies have been selected as potential partners.

Nguyen Hoai Giang, Director-General of Binh Son Refining and Petrochemical Company, which owns and operates the Dung Quat Oil Refinery Plant, stated on Monday said that all the three companies are studying the details of the company at the moment. 

The Oil Refinery Plant now requires further investment to upgrade and expand the plant’s capacity from current 6.5 million tonnes a year to 10 million tonnes. At present its parent company is working with authorised agencies to assess the Plant’s assets so as to negotiate with foreign investors.

Dung Quat Plant was officially put into operation in 2009 after four years of construction, aiming to meet 30 percent of demand of petrol in the whole country.

By Ha Minh – Translated by Hai Mien

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