Monday, May 19, 2008

Vietnam builds second refinery

Updated May 11, 2008 09:27:19

Vietnam has started building its second oil refinery in a bid to feed the nation's booming economy.

Vietnam Oil and Gas Corporation, Petrovietnam, set up a joint-venture with its counterparts from Japan and Kuwait to build the 6.2 billion dollar Nghi Son refinery in the north of the country.

The refinery, to be operational by 2013, will turn Kuwaiti oil into petrol, liquefied petroleum gas, diesel, kerosene and jet fuel for Vietnam, which has offshore oil reserves but currently imports petroleum products.

By 2013, the Nghi Son refinery and the country's first refinery Dung Quat, hope to meet 65 percent of the country's oil and gas needs.

Last year, Vietnam spent eight billion dollars to import nearly 13 million tonnes of refined oil.