Gazprom Neft due stake in Vietnam refinery

Gazprom Neft and Vietnam National Oil & Gas Group (PetroVietnam) have signed a framework agreement covering the Russian company’s proposed acquisition of a minority interest in the 130,000-b/d Dung Quat refinery and planned modernization and expansion.

Gazprom Neft is to acquire a 49% interest in Binh Son Refining & Petrochemical, which manages the refinery. The price is under negotiation.

The modernization project will increase capacity of the refinery to 200,000-240,000 b/d.

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