Vietnam refining industry gets oil supply deal

Eric Watkins
Senior Correspondent

LOS ANGELES, Sept. 14 -- Petrovietnam Trading Co., an affiliate of Vietnam Oil & Gas Group (PVN), has signed an agreement with the Trafigura Group of the Netherlands to supply oil for Vietnam's refining industry for 30 years and to cooperate in building oil storage facilities, transporting oil to refineries, and shipping oil and products.

State media reported that PVN also is considering investing in a 9 million tonne/year refinery and petrochemical complex in northern Vietnam, and a 10 million tonne/year facility and petrochemical complex in southern Vietnam.

In February, Vietnam Development Bank awarded a credit of $1 billion to state-owned Petrovietnam to finance construction of the country's first refinery at Dung Quat (OGJ Online, Feb. 13, 2007).

Contact Eric Watkins at hippalus@yahoo.com.

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