PetroVietnam plans to build oil refinery complex for $18.5 billion

Locating in south solves transport woes, but oversupply could be an issue

PetroVietnam operates the Dung Quat refinery in the northern part of Vietnam. The country currently has no refinery in the south near Ho Chi Minh City, which accounts for 45 percent of domestic demand. © VNA

TOMOYA ONISHI, Nikkei staff writer

August 19, 2022 21:13 JST

HANOI -- PetroVietnam Power, a unit of state-run Vietnam Oil and Gas Group, has announced plans to build an oil refinery and petrochemical complex in the country. The total investment is expected to be up to $18.5 billion.

The company informed Prime Minister Pham Minh Chinh of its construction plans, according to local media reports. If the plan materializes, it would be the third refinery in the nation.