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BRS to borrow $1.2b for refinery upgrade

Update: December, 07/2016 - 09:00
Viet Nam News

HÀ NỘI - Bình Sơn Refining and Petrochemical Company Limited (BSR) plans to borrow US$1.2 billion to upgrade and expand its Dung Quất Oil Refinery in Bình Sơn District in Quảng Ngãi Province.

BRS CEO Trần Ngọc Nguyên told the company would this month select the consulting unit, which would arrange loans with banks for the project.

According to BRS, the expansion project’s investment capital is estimated at $1.82 billion, 30 per cent of which will come from the company’s budget while the remaining 70 per cent will come from banks.

Once completed, the refinery’s annual capacity will reach 8.5 million tonnes of crude oil from the current volume of 6.5 million tones, increasing the stable supply of crude oil in accordance with the Euro 5 emission standard.

Euro standards are a series of emission control standards compiled by the EU for all new land vehicles. Presently, Euro 5 is widely used across European countries.VNS

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