Vietnam aims to privatise its $3 billion Dung Quat oil refinery by June 2017, with energy firms from Russia, Thailand and Kuwait expressing interest in taking a strategic stake, the head of the refinery's operator said on Wednesday. Nguyen said Rosneft, Russia's biggest oil producer, Gazprom Neft (GPN), Thailand's top energy company PTT and the Kuwait Petroleum Corp have expressed interest in buying stakes in Dung Quat. "The new rate will help us compete better," he said, noting that Vietnamese oil product distributors could avoid foreign currency risk by using Dung Quat petrol and cut the size of stockpiles. Dung Quat was targetting 2016 output of at least 6.8 million tonnes of oil products, matching last year. Vietnam imported around 10 million tonnes of oil products in 2015, up 18.7 percent from a year earlier, according to government data.

Source: Thanhnien News September 08, 2016 02:19 UTC