The Vung Ro oil refinery project worth USD4.3 million locates in the Phu Yen province is expected to build in Quarter 2/2013.

Talking to Saigon Economic Times Online on February 18th, Mr Le Van Truc – vice chairman of Phu Yen People's Committees has confirmed this after Prime Minister Nguyen Tan Dung approved for an expansion of project to 8 million tonnes a year from 4 million tonnes a year previously.

Mr Truc said the investors include Technostar Management company (England) and Telloil gas and oil company (Russia) will have a meet with leaders of Phu Yen People's Committees on February 19th to discuss about the investment license of project adjustment, funding money for site clearance and time of start.

According to Mr Truc, initially, the project is expected to build on the ereas of 180ha at Vung Ro port, but it has been then moved to the new site of 450 ha at Hoa Tan Industry Park in Dong Hoa district (about 10km from Vung Ro).

The leader hopes oil refinery project will help to promote the development of other sectors in Phu Yen such as supporting industries, petrochemicals and other services, Mr Truc added.

Vung Ro oil refinery project will use technology and technical design of the U.S, as well as use the crude supplies from Russia and the Middle East to produce liquefied petroleum gas, jet fuel, premium gasoline, diesel, polypropylene, benzene and sulfur.

Xangdau.net