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  • Written on 21.11.2013 - Industry
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VIETNAM: Gazprom Neft set to acquire 49 % stake in Binh Son Refining & Petrochemical

Gazprom Neft and Vietnam Oil and Gas Group (PetroVietnam) have signed a framework agreement setting out the terms of Gazprom Neft’s acquisition of a 49 % interest in Binh Son Refining and Petrochemical Co., operator of Vietnam’s Dung Quat refinery.

The two companies are currently in negotiations on financial terms of the acquisition. PetroVietnam has announced plans to reduce its 100 % shareholding in the subsidiary to help finance a modernization and expansion project. The 6.5-million-t/y refinery, the only refinery currently operating in Vietnam, is to be expanded to a capacity of 10-million t/y. Gazprom Neft noted that its contribution to the modernization project will be proportional to its stake.

The refinery also supplies propylene feedstock to Binh Son’s 150,000-t/y polypropylene plant at Dung Quat.

Source: Weekly "PetroChemical News", Durham, NC, USA; 18 Nov 2013

(Syed Rashid Ali, Karachi, Pakistan)


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