The Vietnamese government has awarded a consortium comprised of the French company Technip, the Japanese firm JGC and the Spanish firm Técnicas Reunidas a contract worth $5.0 billion (€3.765 billion) to construct the Nghi Son refinery, which will be the largest in the country. PetroVietnam Construction, a subsidiary of PetroVietnam, which will participate alongside the three foreign companies that have been awarded the contract for the engineering, construction and supply of the materials for the refinery, will begin the works in March, according to the chairman of the company, Dinh La Thang, in statements reported by Europa Press.
Vietnam intends to expand its refinery capacity, which until now has been 130,500 tons per day through the Dung Quat plant. The new plant, which will be opened in 2016, will process 200,000 barrels per day. These production volumes could mean that the country will become self-sufficient in terms of refining crude oil by 2015. The Nghi Son refinery will be equipped to process 10 million tons of crude oil per year. The refinery will be owned by a joint company created by the Nghi Son Refining & Petrochemical Company, which in turn will be owned by Kuwait Petroleum International (KPI) (35.1%), the Japanese firm Idemitsu Kosan (35.1%), the Vietnamese firm Petrovietnam (25.1%) and the Japanese firm Mitsui Chemical (4.7%).