Vietnam sees work on third refinery starting construction next month

HANOI -- Foreign investors in Vietnam's third oil refinery aim to begin construction next month, an official said Tuesday. Britain's Technostar Management Ltd and Russia's Telloil have agreed to start building the Vung Ro facility in June, Nguyen Minh Hoa, an official with the planning and investment department in Phu Yen province, told AFP. It will be the country's first refinery to be fully foreign-invested.

Hoa said the developers planned for the refinery's capacity to be six million tonnes annually, rather than the four million initially planned. This will raise their investment from US$1.7 billion to nearly three billion dollars, he said.

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