Vietnam's Binh Son says to kick off $1.2 B refinery expansion plan this year
4/22/2022 12:47:27 PM
(Reuters) - Vietnam's Binh Son Refining and Petrochemical will this year roll out a $1.2 B plan to upgrade and expand its Dung Quat refinery, raising its processing capacity to 7.6 MMt of crude oil a year from 6.5 MMt, the company said.
The upgrade and expansion work is scheduled to be completed by the end of 2025, the company said in a statement, adding that 60% of the funds needed for the plan will come from loans.
The refinery in Vietnam's central province of Quang Ngai plans to raise the proportion of imported crude oil it processes to 35%-46% this year from 21.4% last year, it said.
It targets output 6.5 MMt this year, unchanged from last year.
(Reporting by Khanh Vu; Editing by Kanupriya Kapoor)
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