Vietnam's Prime Minister has launched a project to build Vietnam's second petrochemical refinery complex. The Nghi Son Petrochemical Refinery Complex is to be located in northern Thanh Hoa province and is projected to reach a capacity of 10 mln tpa of crude oil once it commences operations in 2013. The project is a joint venture between State-owned Vietnam National Oil and Gas Group (PetroVietnam) holding 25.1% stake, Kuwait Petroleum International (KPI) holding 35.1% stake, Japanese companies of Idemitsu Kosan Corp (IKC) holding 35.1% stake and Mitsui Chemicals Inc (MCI) holding 4.7% stake.
Vietnam's first oil refinery is located at Dung Quat in central Quang Ngai province and is scheduled to start operation in February next year. The country plans to place the third oil refinery at Long Son in southern Ba Ria-Vung Tau province.