Dung Quat Refinery expansion plan fixed at 8.5 mln tons of crude and investment of USD 1.82 billion

After much study and calibration, the ambitious plan to expand and upgrade the Dung Quat oil refinery based in Dung Quat Economic Zone of central coastal Quang Ngai province has been eventually fixed and ratified by an Investment Certificate issued by the local government. The target capacity is announced to be 8.5 million tons of crude per year (192,000 barrels per day),  lower than the figure of 10 million tons as tentatively publicized previously. The total cost for this plan is said to be roughly 1.81 billion USD, 30% of which shall be contributed by the involved partner(s) and the remaining 70% shall comes from loans, according to a news article from PVN/BSR.

A ceremony was organized on 23rd Jan 2015 at Dungquat EZ to officially announce the expansion project.

Russia to sell Vietnam more military hardware

Russian President Vladimir Putin has said his country is going to increase the assortment of military hardware it sells to the Vietnamese army.

The announcement comes on the heels of Putin’s one-day trip to Hanoi where he met with President Truong Tan Sang and other leaders.

The Russian president has said the two nations today signed a new military deal that will see Russia train Vietnamese navy and armed forces.

Russian firms Rosneft and Gazprom also signed a raft of deals with state energy firm Petrovietnam tackling oil exploration and modernization of Vietnam’s oil refinery.

Putin said Gazprom was to supply the Dung Quat refinery with oil and help it market the produce.

Moscow has also promised to help Hanoi develop its nascent energy industry, building a nuclear energy plant and training its atomic experts. Russia will take part in creating the country’s first Center of Nuclear Science and Technology.

The countries concluded a package of cooperation contracts in ecology, healthcare and industry, including textile manufacturing.

In the meanwhile, the International Investment Bank and the Vietnamese Investment bank have agreed a $50 million loan to Vietnam to boost its small business.

Source: Voice of Russia