November 2014

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HP Boxscore Construction Analysis: Vietnam: Reversing the tide of refined imports

Vietnam is developing six large-scale refinery projects with the potential to add 1.36 MMbpd of new domestic refining capacity at a total cost of over $50 B. This would reverse the country’s status from a net importer of refined products to a net exporter by 2020.

Nichols, Lee, Hydrocarbon Processing Staff

Vietnam has ambitious plans for its downstream refining and petrochemical sectors. At present, the country has only one operating refinery, located at Dung Quat. With oil consumption rising steadily from 176 Mbpd in 2000 to nearly 400 Mbpd in 2012, the 146-Mbpd refinery is unable to satisfy domestic demand for refined products. As a result, the country is dependent on fuel imports. Vietnam’s 2020–2025 development plan outlines several ways to completely eliminate the refined fuel supply gap. The country is developing six large-scale refinery projects (Table 1). These projects have the potential to add 1.36 MMbpd of new domestic refining capacity at a total cost of over $50 B. This

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