Petrolimex to invest $239 million in refinery project

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Petrolimex, Vietnam's top importer and distributor of oil products, has secured government approval to invest VND4.99 trillion ($239 million) in building the Nam Van Phong petrochemical complex.

The Hanoi-based company would use its own funds and loans from commercial banks for the project in the central province of Khanh Hoa, Prime Minister Nguyen Tan Dung said in a directive signed on August 22 and seen by Reuters on Monday.

Dung also approved the construction of oil product storage facilities by Petrolimex across Vietnam at a cost of VND4.18 trillion, according to the directive detailing Petrolimex's investment and business projects for the 2011-2015 period.

Last October, Petrolimex said it was in talks with South Korea's Daelim Industrial Co. Ltd. over a venture to build the 200,800-barrel-per-day Nam Van Phong refinery, Vietnam's third such facility, in a project worth up to $4.8 billion.

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