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Dung Quất Refinery’s expansion project to cost nearly $1.5 billion

VIETNAM, April 3 - HÀ NỘI — Bình Sơn Refining and Petrochemical JSC has updated the approval of changes to Dung Quất Oil Refinery, following which the expansion of refinery will cost VNĐ36.397 trillion (US$1.4 billion), an increase of 18.55 per cent over the previous estimated figure.

In Decision No 482/QĐ-TTg dated on May 5, 2023, the total investment for the expansion of the refinery was estimated at VNĐ31.24 trillion.

The Ministry of Industry and Trade has asked for clearer explanation from the project’s investor Bình Sơn Refining and Petrochemical Joint Stock Company (BSR) about the selection of optimal technologies and solutions to optimise investment to enhance the project’s efficiency.

On March 29, BSR made public the decision to approval the adjustments to the Dung Quất Refinery expansion project.

The capacity of the refinery will increase from 148,000 to 171,000 barrels per day, its products will meet Euro 5 standards and meet environmental standards following the compulsory roadmap of the Government.

The expansion project will last 37 months since the signing of EPC and is expected to be put into operation by 2028.

The expansion was first approved with the capacity of 192,000 barrels per day around 10 years ago.

Dung Quất Refinery, located in Dung Quất Economic Zone, Bình Sơn District, Quảng Ngãi Province, has a total investment of more than $3 billion to date. This is the first oil refinery and also the second largest in Việt Nam, after Nghi Sơn Oil Refinery, with a total capacity of processing 6.5 million tonnes of crude oil each year. — VNS