Two Russian companies, Zarubezhneft and Gazpromneft, have sent their working missions to Petrovietnam-owned Dung Quat Oil Refinery to explore investment cooperation opportunities.
The three-day visit at the end of June came while Binh Son Refining and Petrochemical JSC (BSR), which manages and operates the $3 billion oil refinery, is planning an upgrade and expansion project for the major facility in the central province of Quang Ngai.
The two major Russian oil companies and BSR, a subsidiary of the state-run Petrovietnam, discussed cooperation possibilities in the upgrade and expansion project.
The Dung Quat facility was inaugurated in 2009 as Vietnam’s first oil refinery. Its current refining capacity is 6.5 million tons per year, or 148,000 barrels of crude oil a day, with all products meeting Euro 5 standards. Project upgrading is expected to increase capacity to 7.6 million tons per year, equivalent to 171,000 barrels of crude oil a day.
Zarubezhneft is a state-controlled oil and gas company specializing in the exploration, development, and operation of oil and gas fields outside Russia. In Vietnam, Zarubezhneft has cooperation projects with joint ventures Vietsovpetro and Rusvietpetro.
Meanwhile, Gazpromneft - a Gazprom Group subsidiary - is intensifying cooperation with Petrovietnam in oil and gas exploration and refining.