Vietnam expects to receive foreign credits in amount of some $1.2 billion to fund expansion of the country’s only oil refinery, Dung Quat. Bloomberg reports on Friday.
Vietnamese government, which will sell the refinery’s shares in 2017, plans to increase output by 30%, cut production costs and meet half of the country’s fuel needs. In particular, the increase in demand accounts for growing demand for petroleum products, as well as import growth.
According to Nguyen Hoai Giang, Chairman of Binh Son Refining & PetroChemical Co., the operator of Dung Quat Refinery, the expansion will help the facility operate more efficiently.
At present, Binh Son carries out negotiations with companies from the Middle East and Southeast Asia.