Vietnam's Binh Son refinery plans new share issue to fund $1.5-B expansion
Vietnam's Binh Son Refining and Petrochemical said it plans to issue new shares as part of its efforts to fund a project to expand and upgrade its Dung Quat refinery.
The share issue will raise its chartered capital by 61% to 50 trillion dong ($1.96 B), chief executive officer Bui Ngoc Duong 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.
Beside funds from the share issuance, Binh Son is also seeking bank loans for the refinery expansion project.
The company said last week it had chosen HSBC Bank as the export credit agency for the project, which would raise the refinery capacity to 171,000 bpd at an estimated cost of $1.49 B.
It said the expansion was expected to be completed by 2028, adding the expansion would also allow it to use more types of crude oil.
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