U.K.-Russia joint venture to build oil refinery in Vietnam

Vung Ro Petroleum is looking for a suitable location for its US$1.7 billion Vung Ro oil refinery, which is the first licensed foreign-invested project of its kind in Vietnam. Vung Ro Petroleum is a joint venture between the U.K.’s Technostar Management Limited and Russia’s Telloil Group. The joint venture is considering the Van Phong Economic Zone as its base. The Vung Ro oil refinery will use 100% crude oil sourced from the Middle East as input material which will be refined into liquefied petroleum gas (LPG), benzene, gasoline, diesel, jet fuels and sulphur. The Vung Ro oil refinery is one of five refinery projects that have so far been approved by the Vietnamese government. (July 17, 2012)