Binh Son Refining (BSR), a subsidiary of Vietnamese state oil company Petrovietnam, has begun procedures to arrange $600 million in international financing for the expansion of the Dung Quat refinery, it was reported on August 10. The expansion will raise the refinery’s processing capacity from 158,000 barrels per day to 171,000 barrels per day and enable it to produce Euro V-standard fuel.
The EPC (Engineering, Procurement and Construction) contract for the Dung Quat expansion was reportedly awarded to a Chinese consortium in July 2026. BSR, the project owner, is more than 92% owned by Petrovietnam. BSR said it plans to finalize the lender group by the fourth quarter of 2026, with actual loan disbursement beginning in the third quarter of 2027. The original report did not specify the refining process technology or licensor.
- Total project investment: about $1.49 billion (VND 36.397 trillion)
- EPC contract value: about $1.2 billion (VND 31.649 trillion)
- Processing capacity: 158,000 bpd → 171,000 bpd
- International financing amount: $600 million
- Lender group selection target: Q4 2026
- Loan disbursement start: Q3 2027
- Project owner: BSR (Petrovietnam subsidiary)