HCMC – Deputy Prime Minister Tran Hong Ha signed a decision on May 5 approving the upgrade of the Dung Quat Oil Refinery in Quang Ngai Province with an estimated investment of nearly US$1.2 billion, the local media reported.
The expansion project will be implemented on 51.67 hectares, including over 41 hectares of additional land and over 10.6 hectares of backup land inside the refinery.
The Dung Quat Oil Refinery’s capacity will increase from 148,000 barrels per day to 171,000 barrels per day after the expansion is completed in 2028.
The Government and the Vietnam Oil and Gas Group previously approved the expansion project in 2014, but it has yet to be implemented due to various difficulties.
As per the new decision, the project requires an investment of over US$1.2 billion, equivalent to over VND31.2 trillion, nearly US$560 million lower than the old plan. Of which, equity capital amounts to US$503 million, and the rest is borrowed.
The Dung Quat Oil Refinery is located in the Dung Quat Economic Zone of Quang Ngai Province and is operated by the Binh Son Refining and Petrochemical Joint Stock Company. Currently, it is responsible for around 35% of the country’s petroleum products.
