11/21/2013

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VIETNAM: Gazprom Neft set to acquire 49 % stake in Binh Son Refining & Petrochemical

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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