Vietnam's Binh Son Refining and Petrochemical will take USD754 MM worth of loans for a project to expand its sole oil refinery and boost its annual crude oil processing capacity by more than 1 million tons, Hydrocarbonprocessing.
The loans will account for 60% of the funding needed to raise Dung Quat refinery's capacity to 7.6 million from 6.5 million tons, the company said in a statement at the weekend.
Binh Son said in April 2022 it would roll out the expansion that same year. In its latest statement, it said the government had approved the plan and the expansion would take 37 months, with completion by the first quarter of 2028.
It last month said it would delay maintenance at the refinery until 2024 and profits were expected to drop 88% this year due to rising costs, including higher taxes.
We remind, Vietnam's Binh Son Refining and Petrochemical will delay the maintenance at its refinery until next year, and said it expects profits to drop 88% this year due to rising costs, including higher taxes. Binh Son said the maintenance delay would allow the company to "maximize its production, revenue and profit" this year. The 130,000-barrel-per-day refinery was originally scheduled to undergo major maintenance from June 22 to August 11 in 2023. The maintenance will now take place early next year, the company said in a statement.
mrchub.com