PetroVietnam to Sell Dung Quat's Maximum Stake of 49 per cent
The state-owned oil monopoly PetroVietnam group will sell up to a 49 per cent stake of Vietnam’s first Dung Quat oil refinery, Chairman Dinh La Thang told a press conference Dec. 30.
Under the government-passed plan, PetroVietnam will prioritize groups and foreign investors who pledge long-term fuel supply for the refinery, Thang added.
The group will next week ink a deal with BP of the U.K. to supply crude oil for the refinery in order to replace at least 50 per cent of the input sourced from Bach Ho oil field, the chairman said.
Dung Quat refinery is designed to refine 6.5 million tons of crude oil into liquefied petroleum gas (LPG), propylene, 90RON and 92RON gasoline, kerosene, Jet A1, diesel oil (DO), and fuel oil (FO) which are expected to meet 33 per cent of local demands.
So far, the underway US$2.5 billion oil refinery has almost 98 per cent of its construction workload completed with an expected for trial run in February 2009. (Local sources)
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