As much as 49 percent of Dung Quat oil Refinery shares is likely to be sold to foreign firms, according to Nguyen Hoai Giang, General Director of Binh Son Refining and Petrochemical Company (BSR), which is in charge of Dung Quat.

BSR is negotiating with three foreign investors, JX Nippon from Japan , Petroleos de Venezuela SA from Venezuela and SK from the Republic of Korea , Giang said.

Giang said the purpose of the sale is to attract capital for the investment, upgrade and expansion of Dung Quat’s annual capacity from 6.5 million tonnes to 10 million tonnes.

BSR is coordinating with authorised agencies to evaluate the assets of the Dung Quat oil refinery and step up negotiations on the share price.

The foreign partners who buy the refinery’s stake will take part in the process of increasing its capacity to meet 40-45 percent of domestic demand.-VNA