17-10-05 Construction of Vietnam's first oil refinery will kick off late November, according to its constructor, a consortium led by France's Technip Coflexip.
The overall cost for the Dung Quat refinery with an annual refining capacity of 6.5 mm tons of crude oil in central Quang Ngai province is estimated at $ 2.5 bn. Once completed, it will meet some 40 % of the local demand for petroleum products.

Recently, the National Assembly of Vietnam approved a resolution on speeding up the construction of the refinery so that it will become operational in late 2008 or early 2009.
Vietnam exported nearly 13.3 mm tons of crude oil valued at some $ 5.5 bn in the first nine months of this year, down 9.3 % in volume but up 32.7 % in value against the same period last year. Meanwhile, it imported over 8.9 mm tons of petroleum products worth roughly $ 3.8 bn, posting respective rises of 8.2 % and 47.8 %.