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Hong Kong International Investment Association has unveiled an ambitious plan to build a $1.5-billion oil refinery in central Vietnam if it finds local conditions suit the project’s requirements.
The mammoth refinery project, which plans to include a large-scale oil port for importing crude oil and exporting refined products, is projected to have an annual refinery capacity of five million tonnes of crude oil. According to the plan, the oil port will be able to accommodate 30,000-dead weight tonnage (DWT) 
vessels.
Deputy director of the authority for non-tariff Nhon Hoi Zone Nguyen Ngoc Toan told Vietnam Investment Review that the association comprised of famous Hong Kong firms and had signed a memorandum of understanding with the local government of south-central Binh Dinh province so that it could begin studying a potential location for the pipelined refinery.
“The Hong Kong association is looking to locate the refinery on an area of 500 hectares in the Non-tariff Nhon Hoi Zone and has invited us to Hong Kong for further detailed discussions on investment policies, including the land rentals,” said Toan.
He added that Binh Dinh authorities were asking the central government for directions on the project before detailed discussion would be made.
VIR has learned that the biggest obstacle facing potential foreign-invested oil refineries in the country was sufficient sources of crude oil and a future market for the refined products as Vietnam is currently already working on two oil refineries — the first one in Dung Quat of Quang Ngai and the second in Nghi Son of Thanh Hoa. Both, located in the central part of the country, will have a combined capacity of 13.5 million tonnes per year.
Russian Techno Star Management — a subsidiary of British Virgin Island-based International Business Corporation — which plans to build a $500-million refinery with an annual capacity of three million tonnes of oil per year in central Phu Yen province, is hitting similar obstacles. Techno’s project is still frozen as it has been unable to finalise negotiations to purchase crude oil from PetroVietnam.
Toan said that the Hong Kong investors plan to import crude oil to feed the future refinery and then export all of the output to the international market to prevent a lack of production materials and to not saturate the local markets. 
“We really want to see the project move ahead as it will bolster investments in the newly-established Non-tariff Nhon Hoi Zone,” said Toan.
Nhon Hoi Zone received government approval to be established in the middle of this year and covers 12,000 ha of land. The zone has so far attracted five tenants including an infrastructure development project, a wind-powered electricity project and three tourism development projects.
Toan said that Nhon Hoi is giving priority to projects to develop tourist resorts, ports, industrial parks and urban residential areas.

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