Binh Son Refining and Petrochemical will expand the capacity of its $2.2bn Dung Quat oil refinery in Vietnam from 6.5 million tonnes per year to 10 million tonnes per year by 2017.
Binh Son Refining and Petrochemical chief executive Nguyen Hoai Giang told Reuters that the capacity expansion would need about $2bn investment.
The oil refinery may also import crude from the Middle East and Venezuela, reversing the tradition of Vietnam, which used to export crude oil and import all refined products.
The company is seeking foreign partners to acquire a 49% stake to finance the expansion project.
A feasibility study will be prepared by October this year by a Japanese consultancy that will also evaluate the possibility of importing crude oil from Venezuela.
