PetroVietnam plans to equitize Dung Quat Oil plant in next 2 years

State-owned Vietnam Oil and Gas Group (PetroVietnam) plans to seek partners to equitize the national first oil refinery Dung Quat in the next two years, said Nguyen Hoai Giang, general director of Binh Son Oil Refining & Petrochemical Co. Ltd. The group is speeding negotiations with partners to raise the plant’s refining capacity to 10 million tons per year (MTPY) from the current designed 6.5 million, the Sai Gon Tiep Thi online magazine reported. The refinery, located in the central province of Quang Ngai, will only use crude oil from the Bach Ho oilfield in the first phase while it will use 85% of sweet crude oil from the oilfield or from foreign sources such as Russia and Kuwait and the rest from Dubai’s sour crude oil in the second phase. From 2011, the Dung Quat plant will import more crude oil from foreign sources to serve its operations, and each batch would be averaged at between 80,000 and 100,000 tons. (June 7, 2010)

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