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Daelim Industrial to invest US$3 billion in Vietnam

South Korea’s Daelim Industrial Company and Vietnam’s Petrolimex will build a US$3 billion mega oil refinery and petrochemical project in central Khanh Hoa province in Vietnam. The project on Van Phong Bay will be one of the largest oil refineries and petrochemical projects in the country and will a have a total annual capacity of 10 million tons of crude oil. Daelim is one of the largest engineering, construction and petrochemical companies in South Korea. The company’s revenue last year was posted at US$4 billion, generated from an overseas network covering 11 countries. Petrolimex is the biggest fuel supplier in Vietnam and enjoys a 55% market share in the country, the result of a huge distribution network composed of 2,100 retail outlets. (October 24, 2011)