The EPC (Engineering, Procurement and Construction) contract for the upgrade and expansion of Vietnam’s Dung Quat refinery has reportedly moved into full execution following a kick-off meeting. The project owner is Binh Son Refining and Petrochemical Corp. (BSR), and construction is being carried out by a consortium of China’s China Chengda Engineering and Beijing Petrochemical Engineering (BPE), it is reported.
The project reportedly involves expanding the processing capacity and upgrading facilities at the Dung Quat refinery. The contract was signed in July 2026, and the EPC execution kick-off meeting was held on August 21, 2026, it is reported.
The contract is valued at approximately $1.49 billion, and processing capacity will be expanded by 15.5% to 171,000 barrels per day (bpd), it is reported. The construction period is reported at 37 months.
Vietnam is reportedly pursuing the upgrading of domestic refining facilities to reduce reliance on crude oil imports and raise self-sufficiency in petroleum products, and this upgrade is regarded as part of that effort.
This case illustrates the ongoing trend of expansion and upgrade awards for existing refining facilities across Southeast Asia.
Whether the 37-month construction schedule is met, and the actual utilization rate after completion, are worth watching.