Vietnam Raises Investment of First Oil Refinery to over US$3B
The government of Vietnam has agreed to raise the total investment of the country’s first oil refinery Dung Quat by US$553 million to US$3.054 billion from the earlier US$2.501 billion.
The additional capital will be mobilized from the state-owned oil monopoly PetroVietnam group’s allocated profit in oil exports by Vietsovpetro, a joint venture between PetroVietnam and Russia's Zarubezhneft.
Of the total investment, nearly US$2.481 billion is for engineering, procurement and construction (EPC) contracts, US$215.6 million for non-EPC contracts and US$200 million for floating capital.
The budget also allocates over US$67.4 million to a provision fund to cover spending on site clearance and financial support for resettlement of people displaced by the refinery.
As of the end of July, Dung Quat had pumped out a total of 101,900 tons of petroleum products to the domestic market, including 29,900 tons of gasoline A92, over 32,000 tons of diesel oil, over 20,000 tons of kerosene and over 20,000 tons of liquefied petroleum gas (LPG) since beginning operations Feb 22. (chinhphu.vn)
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