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PetroVietnam to invest US$19 billion in oil refining

State-owned Vietnam Oil and Gas Group (PetroVietnam) plans to invest US$19 billion in expanding oil refining and petrochemical facilities in the country between 2009 and 2015, the Vietnam Investment Review newspaper reported. Vietnam’s demand for petroleum products is estimated to rise 8% per year. The domestic refining sector can feed 40% of the country’s petroleum demand in the next one or two years and 70% of demand in the next six or seven years. Vietnam’s demand for gas, chemical and fertilizer products is also forecast to grow 10% per year. (September 22, 2009)