HSBC to Arrange Financing for $1.49 bln Expansion of Dung Quat Refinery
05.17.2024 By Tank Terminals - NEWS

May 17, 2024 [The Investor Vafie Magazine]- Binh Son Refining and Petrochemical JSC (BSR), operator of the Dung Quat oil refinery, has selected HSBC to coordinate an export credit agency (ECA) arrangement for a $1.49 billion expansion.

 

In a Wednesday statement, BSR, a subsidiary of state-owned Petrovietnam, said relevant documents for the move were handed over last month.

In March, BSR had said it would spend VND36,397 billion ($1.49 billion) on expanding the refinery, increasing its capacity by 16% to 171,000 barrels per day or 7.6 million tons a year.

The expansion also aimed to make products meet Euro V emission standards and other environmental requirements, while improving the facility’s flexibility to refine different kinds of crude oil.

BSR aims to complete the 51.67-hectare expansion and put the plant into operation in 2028 after 37 months of construction.

 

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