HANOI, May 9 (Xinhua) -- Vietnam's Binh Son Refining and Petrochemical will invest 1.26 billion U.S. dollars for its Dung Quat refinery to raise its production capacity by 16 percent to 171,000 barrels per day, Vietnam News reported on Tuesday.
Binh Son, a subsidiary of state-owned PetroVietnam, is slated to secure around 60 percent of the funding from loans to finance the expansion at its refinery in the central province of Quang Ngai, according to a decision by Deputy Prime Minister Tran Hong Ha.
The expansion, first approved in 2014, has been delayed to adjust the scale, required technology and project timeline.
The production capacity has been revised down by 11 percent from 192,000 with a decrease of about 30 percent in investments.
The country's first refinery has been in operation since 2009, producing more than 6.5 million tons of crude oil and petroleum products per year, meeting 35 percent of the country's fuel demand, the newspaper reported.
Binh Son in March said its profits were expected to drop 88.3 percent this year to 1.8 trillion Vietnamese dong (77 million dollars) due to rising costs.
Vietnam has two oil refineries, including Binh Son's Dung Quat refinery and the country's largest refinery Nghi Son in the northern province of Thanh Hoa. ■
