ExxonMobil eyes $10 bln oil refinery project in central Vietnam

Representatives of U.S. energy giant ExxonMobil has visited the south-central province of Khanh Hoa to explore opportunities to invest in a $10 billion oil refinery in the Van Phong Economic Zone.

At a working session with local authorities on Tuesday, the guests said that their visit marked a significant step in ExxonMobil’s long-term plan to develop a next-generation, low-emission refinery project in Asia-Pacific.

The feasibility study for the project is expected to conclude by 2027, with construction and licensing procedures beginning in 2031, and official operations by 2035.

Local leaders introduced the advantages of investing in the Van Phong Economic Zone, highlighting multi-sector development potential, investment incentives, and a robust industrial-service ecosystem.

Tran Minh Chien, head of the Khanh Hoa Economic Zone and Industrial Park Management Board, said the province is committed to facilitating ExxonMobil’s research and development process.

“We’ve maintained regular communication with the group and have proposed that the provincial government and relevant departments prioritize coordination to support the investor,” he noted.

During the visit, the ExxonMobil delegation made field trips to the Nam (South) Van Phong Port, the Van Phong bonded fuel terminal, and Ninh Tinh village in Dong Ninh Hoa ward.

ExxonMobil was formed in 1999 through the merger of Exxon and Mobil and is now one of the largest energy companies globally, operating 37 refineries in 21 countries and employing over 72,000 people worldwide. In 2024, the group recorded $344.6 billion in revenue.

In Vietnam, ExxonMobil has been present since 2008, engaging in oil and gas exploration. It is collaborating with state-owned giant Petrovietnam and its subsidiary Petrovietnam Exploration Production Corporation (PVEP) to develop a major gas-to-power project centered around the Blue Whale (Ca Voi Xanh) gas field off central Vietnam.

The project aims to supply gas to power plants with a total capacity of 3.0 GW, although development has not yet progressed.

ExxonMobil is also partnering with JERA (Japan) and VinaCapital to study the feasibility of a $5.09 billion LNG power plant in the northern city of Hai Phong, with a planned output of 4,500 MW.

In November 2020, ExxonMobil Energy Hai Phong, JERA, and Hai Phong city signed an MoU to explore development of this LNG power complex.

Located in northern Khanh Hoa, Van Phong EZ spans 150,000 hectares and is divided into 19 functional subzones. As of now, it has attracted 155 investment projects, including 131 domestic and 24 foreign ones, with total registered investment capital of around $5.4 billion.

Among these, 106 projects are currently operational, with a combined investment of $3.3 billion, equivalent to 61% of total registered capital.

In the first half of 2025, the Van Phong EZ Management Board issued investment registration certificates for six new projects worth over VND3 trillion ($114.7 million), and approved more than VND296 billion added to two existing ones.