Tissue paper maker Hapaco said on Tuesday it had secured a deal to borrow 128mio US$ from a German bank to finance a 150mio US$ oil refinery project.
The refinery would have a 1mio tonnes per year capacity in an industrial zone in the northern port of Haiphong in which Belgian-based investment venture International Port Engineering and Management has a stake.
"We are still looking for the financing of the remaining 15% investment for the project," a Hapaco spokeswoman said.
The 128mio US$ is provided by Sachsen LB of Germany.
Hapaco officials have said the plant would use around 20,000 barrels per day of Vietnamese crude oil when it starts operating by 2010.
Several foreign firms including Russia's Techno Star have sought to build refineries with investment of under 500mio US$ but energy experts say none have materialised because of lack of access to crude, which is controlled by state-run oil monopoly Petrovietnam.
Hapaco's stock closed at 40,900 VNDong (2.53 US$) per share on the Ho Chi Minh City Securities Trading Center on Monday, up 4.87% from last Friday, taking its market capitalisation to around 15mio US$.
Vietnam, the third largest crude oil producer in Southeast Asia with average daily output of about 350,000 barrels, still relies entirely on oil product imports as it lacks refineries.
Petrovietnam awarded a contract to build the country's first refinery in June, with the 130,000-bpd plant slated to start operation by early 2009.
Source: Reuters
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