LOS ANGELES, Jan 17 -- The Hong Kong General Chamber of Commerce has signed an agreement with Vietnam's Binh Dinh province for the construction of a $450 million refinery in the Nhon Hoi economic zone.
The project is expected to be completed in 2010, with a refining capacity of 2 million tonnes/year of oil, increasing to 8-10 million tonnes/year during 2016-20.
Vietnam, Southeast Asia's third-largest oil producer, earned $7.38 billion from exporting its crude in 2005, up by 30.3% over 2004. But a lack of refineries meant the country had to continue importing all refined products.
To increase its refining capacity, state oil firm PetroVietnam plans to build two new refineries in Dung Quat and Nghi Son.
Last August, Petrovietnam reported that major work contracts were in place for construction of the 140,000 b/d refinerythe country's firstat Dung Quat in the central province of Quang Ngai (OGJ Online, Aug. 25, 2005).
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