09-07-08 Vietnam is making preparations to build a petrochemical complex, including an oil refinery, with a total investment of $ 10 bn in southern Ba Ria Vung Tau province.
The Vietnamese government has basically agreed with the complex's construction in Long Son island commune, Vung Tau city, Ba Ria Vung Tau province. The project's investor is state-owned Vietnam National Oil and Gas Group (PetroVietnam).

An official from the Vietnamese Ministry of Planning and Investment said recently that the Long Son oil refinery is expected to have annual processing capacity of 10 mm tons of crude oil, and become operational by 2013.
Dung Quat, Vietnam's first refinery with an annual processing capacity of 6.5 mm tons of crude oil under construction with investment of $ 2.5 bn in central Quang Ngai province, is scheduled to operate in February 2009. Its investor is also PetroVietnam.

Construction of the second oil refinery named Nghi Son in northern Thanh Hoa province with initial investment of $ 6.2 bn started in May. It will have refinery capacity of 10 mm tons of crude oil per annum once putting into operation in 2013.
The Nghi Son project is a joint venture between PetroVietnam, Kuwait Petroleum International and Japanese companies of Idemitsu Kosan and Mitsui Chemicals.

Vietnam exported 6.7 mm tons of crude oil worth $ 5.6 bn in the first half of this year, down 12.1 % in volume but up 49 % in value, according to the country's General Statistics Office.
Meanwhile, it spent $ 6.8 bn importing 5.9 mm tons of petroleum products, posting respective year-on-year rises of 68.9 % and 4.4 %.