HSBC to arrange financing for $1.49 bln expansion of Dung Quat refinery
Binh Son Refining and Petrochemical JSC (BSR), operator of the Dung Quat oil refinery, has selected HSBC to coordinate an export credit agency (ECA) arrangement for a $1.49 billion expansion.
In a Wednesday statement, BSR, a subsidiary of state-owned Petrovietnam, said relevant documents for the move were handed over last month.
Delegations of Dung Quat refinery operator BSR (left) and HSBC meet at the BSR headquarters in Quang Ngai province, central Vietnam, April 2024. Photo courtesy of BSR.
In March, BSR had said it would spend VND36,397 billion ($1.49 billion) on expanding the refinery, increasing its capacity by 16% to 171,000 barrels per day or 7.6 million tons a year.
The expansion also aimed to make products meet Euro V emission standards and other environmental requirements, while improving the facility’s flexibility to refine different kinds of crude oil.
BSR aims to complete the 51.67-hectare expansion and put the plant into operation in 2028 after 37 months of construction.
Petrovietnam has been planning the upgrade of Dung Quat oil refinery, one of the two operational refineries in Vietnam, for many years. Vietnam’s first refinery began commercial operation in 2009, fulfilling 30% of domestic demand for gasoline in the country.
In 2014, Petrovietnam formulated a $1.8 billion expansion plan for the refinery that did not receive approval from the Ministry of Natural Resources and Environment over its environmental impacts.
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