Vietnam's says HSBC to arrange funds for $1.49 bln refinery project

(Tank Terminals, Hong Kong, 17 May 2024) Binh Son Refining and Petrochemical JSC (BSR), a subsidiary of state-owned Petrovietnam and 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 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 put the plant into operation in 2028 after 37 months of construction.