Russia’s Gazprom Neft to Buy 49 Percent in Vietnamese Refinery

© AFP 2022 / HOANG DINH NamVietnam's first oil refinery at Dung Quat looms over a rice field on February 22, 2009 in the central province of Quang Ngai
Vietnam's first oil refinery at Dung Quat looms over a rice field on February 22, 2009 in the central province of Quang Ngai - Sputnik International
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Russian energy company Gazprom Neft will buy a 49 percent share of Dung Quat, Vietnamese refinery. Gazprom Neft will also finance the upgrading of Dung Quat proportionally to its share.

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MOSCOW(Sputnik) — Russian energy company Gazprom Neft will buy a 49 percent share of Dung Quat refinery as part of a deal signed with Vietnam Oil and Gas Corporation (Petrovietnam), the Russian company said in a statement Monday.

“Under the main clauses of the deal Gazprom Neft receives the exclusive rights to negotiate with Petrovietnam over purchasing of a share of the refinery,” the statement said.

The statement added that Gazprom Neft will finance the upgrading of Dung Quat proportionally to its share.

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Earlier in the day the parties signed a document enacting Gazprom Neft to purchase a 49 percent share in Vietnamese Binh Son Refining and Petrochemical Company, the refinery's owner.

The deal is a part of several agreements that Russian Prime Minister Dmitry Medvedev and Vietnamese authorities signed Monday in the Vietnam capital of Hanoi to broaden energy cooperation between the two counties.

Last year, Gazprom Neft and Binh Son Refining and Petrochemical Company signed a deal over the supply of Russian oil to Dung Quat refinery.

Launched in 2010, Dung Quat produces about 30 percent of the oil products consumed in Vietnam.

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