07 January 2011 06:56 [Source: ICIS news]
SINGAPORE (ICIS)--PetroVietnam is looking to raise the capacity of its 6.5m tonne/year Dung Quat refinery to 10m tonnes/year by 2016 at a cost of $1bn (€770m), Vietnamese state media said on Friday.
The refinery would serve as an important kick-start for the development of Vietnam’s petrochemical industry, Prime Minister Nguyen Tan Dung was quoted as saying by the Communist Party of Vietnam Online Newspaper during an inauguration ceremony on 6 January.
The Dung Quat refinery, located in Binh Son district, Quang Ngai Province, was set to bring in dong (D) 77,000bn in revenue and D550bn in profit, while contributing D15,000bn to the state budget in 2011, the news report said.
($1 = €0.77, $1 = D19,495)
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