LPG trader Shinpetrol (VSP) will start operating a small oil refinery with an initial capacity of 2,000 barrels per day in southern Vietnam next month, state media reported on Thursday.
The refinery in the Mekong Delta city of Can Tho was expected to have an internal rate of return of 23.46 percent, the Dau Tu Chung Khoan (Stock Investment) magazine quoted Chief Executive Nguyen Duy Hung as saying.
The plant, which has a small terminal for 1,000-DWT vessels, will produce oil products including fuel oil, diesel, LPG and gasoline, Hung said.
He also said the firm planned to upgrade the terminal to receive bigger tankers of about 10,000 DWT.
Shinpetrol, a subsidiary of Vietnam's largest state-owned shipbuilder Vinashin, has set a target to achieve revenue of 752 billion dong ($47 million) this year.
Vietnam is Southeast Asia's third-largest crude oil producer but still relies on oil product imports as it lacks major oil refineries.
Its first large-scale oil refinery, Dung Quat, will have a capacity of 130,000 barrels per day when it begins operations by February 2009.
Source: Reuters
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