HSBC to arrange funds for $1.49-B expansion project at Vietnam's Binh Son refinery
HANOI (Reuters)—Binh Son Refining and Petrochemical has chosen HSBC Bank as the export credit agency for a project to expand its Dung Quat refinery.
Under an agreement signed last month, HSBC will arrange funds for the project to raise the capacity of the refinery to 171,000 bpd, which is expected to cost up to $1.49 B, Binh Son said in a statement.
The refinery is one of two domestic facilities that meet around 70% of the Southeast Asian country's demand for refined petroleum products.
The expansion is expected to be completed by 2028, the company said, adding that the expansion will also allow it to use more types of crude oil.
The refinery has resumed full operations after being shut down for nearly two months from mid-March for major maintenance.
(Reporting by Khanh Vu; Editing by John Mair)
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